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Marine Resources 2022 - LEADERBOARD

NMMA meets with members of parliament as Canadian Senate considers impacts of luxury tax

by National Marine Manufacturers Association 14 Jun 19:06 PDT
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The Senate of Canada met last week to consider the Budget Implementation Act of 2022, or Bill C-19, which includes the "luxury tax" on new boats valued at CA $250,000 or more.

A recent study conducted by Jack Mintz, Ph.D., at the School of Public Policy at the University of Calgary, in conjunction with Fred O'Riordan at EY Canada, found the proposed luxury tax would have major economic consequences for the marine industry. The economic analysis finds the luxury tax would lead to a minimum CA $90 million decrease in revenues for boat dealers and potential job losses for 900 full-time equivalent employees (FTE).

Last month, the Parliamentary Budget Officer - an independent office within the Parliament of Canada - released a new report on the tax that projects a CA $2.9-billion loss in sales with 75% of the hit (CA $2.2 billion) to be borne by the boating industry.

On Tuesday, MPs voted unanimously in favor of an NDP amendment to the budget bill that gives the government flexibility to delay the planned Sept. 1 implementation date for the new tax, but only with respect to aircraft.

To read more please go to the original article.

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