Legislation to impose a luxury tax on new cars, boats and aircraft will create about $779M in new tax revenue over five years, but also impact future sales of…
Forecasted sales of luxury cars, planes and boats in Canada are expected to drop 15 per cent over the next five fiscal years, the note predicts — a projected hit to the economy of around $2.88 billion.
Draft legislation published in March requires those involved in the sale or import of luxury vehicles, planes or boats to register with the federal government — allowing both the tracking of sales and imposition of the new luxury tax. The entire amount is also payable at the time of sale or import into Canada, regardless if it was purchased outright or over time.
Motor vehicles subject to the luxury tax must carry retail prices exceeding $100,000, be equipped to accommodate fewer than 10 passengers and weigh under 3,856 kilograms.
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