Please select your home edition
Edition
Allen Brothers

Canada Finance Department study predicts drop in sales revenue, job losses following luxury tax

by National Marine Manufacturers Association 18 Mar 2023 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.

Continue reading the full article here...

Related Articles

NMMA testifies in support of Pennsylvania boating
The hearing focused on the economic impact of the recreational marine industry in the Commonwealth On May 6, NMMA Northeast Government Relations Manager, Sam Romano, testified before the Pennsylvania Senate Game and Fisheries Committee in strong support of the state's recreational marine industry. Posted on 10 May
Demand slows as market watches economic indicators
NMMA's Monthly Recreational Boating Industry Data Summary report New data from NMMA's Monthly Recreational Boating Industry Data Summary report paints a complex picture—defined by ongoing retail softness, cautious optimism, and a watchful eye on economic indicators that continue to shape consumer behavior. Posted on 8 May
Industry leaders to kick off ABC 2025
With focus on unity, advocacy and what's ahead The 2025 American Boating Congress (ABC) will officially open Tuesday, May 13 at 8:00 a.m. with a dynamic general session featuring NMMA President and CEO Frank Hugelmeyer, alongside two of the industry's most influential executives. Posted on 3 May
Dr. Shawn DuBravac to speak at ABC 2025
The Renowned Economist will talk at the American Boating Congress The NMMA is pleased to announce that leading economist and futurist Dr. Shawn DuBravac will serve as a featured speaker at the 2025 American Boating Congress (ABC). Posted on 29 Apr
White House considers cutting China Tariffs
Trump is considering reducing the tariff rate on Chinese imports to 50-65% According to an April 23 Wall Street Journal report, President Trump is considering reducing the tariff rate on Chinese imports to 50-65%. Posted on 24 Apr
Cautious optimism in Q1 2025 Survey
In U.S. Recreational Marine Manufacturing Executives report As the recreational boating industry faces shifting economic tides, understanding the sentiments of its leaders has never been more critical. Posted on 18 Apr
EU pauses Retaliatory Tariffs on U.S.-made boats
The European Commission announced the 90-day pause On April 13, the European Union officially suspended its proposed retaliatory tariffs on US-made imports, including recreational boats, until July 14. Posted on 17 Apr
Temporary tariff exemptions announced
Short-term relief for U.S. manufacturers that rely on imported components In a recent announcement, Commerce Secretary Howard Lutnick confirmed that select electronics will be temporarily exempt from newly imposed tariffs, providing short-term relief for U.S. manufacturers that rely on imported components. Posted on 14 Apr
Mixed economic news in early-year boat sales data
The latest Monthly Recreational Boating Industry Data Summary report As economic headwinds continue to shape consumer sentiment, the latest Monthly Recreational Boating Industry Data Summary report analyzes January 2025 data, offering a look at year-over-year trends. Posted on 13 Apr
Administration pauses most reciprocal tariffs
A 90-day pause on the country-specific reciprocal tariffs On April 9, President Trump announced a 90-day pause on the country-specific reciprocal tariffs, applicable to countries not currently imposing retaliatory measures against the United States. Posted on 10 Apr
RS Sailing 2021 - FOOTERNorth Sails Loft 57 PodcastSelden 2020 - FOOTER