The Liberals’ new luxury tax, which applies to the sale of new luxury vehicles and aircraft priced over $100,000 and boats with a price of over $250,000, will end up eliminating 400 to 870 full-time jobs, according to a finance department report. “A Study on the Potential Economic Impacts of the Select Luxury Items Tax…
Luxury Tax on Cars, Planes, Boats Will Eliminate Hundreds of Jobs: Federal Finance Report
Finance Committee Urges Freeland to Raise Taxes in New Budget
The House of Commons Standing Committee on Finance is urging Finance Minister Chrystia Freeland to introduce tax hikes in the federal government’s upcoming budget, which will be tabled near the end of March. Some witnesses who testified before the committee called on the government to “address growing income inequality,” according to a committee report presented to the House on…
Cory Morgan: Luxury Tax Will Foster Class Divisions and Compel the Wealthy to Take Their Money Elsewhere
While the COVID-19 pandemic is ever so slowly moving into the rear-view mirror for Canadians, the economic fallout from the pandemic measures still looms on the horizon. The whiplash effect through the economy due to on-and-off lockdowns has led to instability that will take years to settle. The cost of living is skyrocketing along with…
Planned Luxury Tax Would Reduce Sales and Tax Revenues: Budget Watchdog
The new tax on luxury purchases of planes, boats, and high-end vehicles announced in the 2021 federal budget will negatively impact the sale of these items and reduce sales tax collected by federal and provincial governments, the Parliamentary Budget Officer (PBO) says. The Legislative Costing Note from the PBO estimates the measure would increase government coffers…
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