Canada Finance Department study predicts drop in sales revenue, job losses following luxury tax
by National Marine Manufacturers Association 18 Mar 11:10 PDT
National Marine Manufacturers Association Canadian © National Marine Manufacturers Association
The Canadian government's proposed 'luxury tax' on new recreational boats valued above $250,000 CAD went into effect September 1, 2022 despite two years of NMMA and the Canadian marine industry advocating against this tax.
Following an economic analysis conducted by Jack Mintz, Ph.D., in conjunction with Fred O'Riordan at EY Canada, which found the tax on new boats will collect little revenue while threatening middle-class jobs, the Canadian Department of Finance released this month its own study and analysis on the economic impacts of the 'luxury tax.' The study predicts a severe drop in sales revenue and hundreds of job losses from the federal luxury tax on new boats, airplanes, and cars.
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