Tag Archives: luxury tax

NMMA meets with members of Parliament on Canadian Luxury Tax

NMMA Canada

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 ...

Read More »

Canada alters incoming Luxury Tax rules

Earlier this week, the Canadian government posted a notice of the final legislation containing the luxury tax, with some changes and wins for the recreational boating industry. The new, final legislation signals all deals signed before 2022 (by December 31, 2021) will now be exempt from the luxury tax, regardless of delivery date. You may recall the draft version of ...

Read More »

The Luxury Tax Myth

Bill Yeargin Correct Craft CEO

By Bill Yeargin Luxury taxes, on items such as boats that politicians see as a “luxury,” are traps that don’t impact the rich but have a huge negative impact on people who can least afford it. They are the quintessential example of unintended consequences; history has demonstrated this unequivocally.  Politicians, many of whom I believe are well-intentioned, see luxury taxes ...

Read More »

Canadian boat builders brace for proposed luxury tax

The Canadian government’s proposed luxury tax on new boats valued at CA $250,000 – originally scheduled to take effect January 1, 2022 – is expected to be fully implemented in the weeks to come. A spokesperson for Canadian Finance Minister Chrystia Freeland confirmed recently that the government will release draft legislation to implement the tax in the coming weeks.  In ...

Read More »