A “Major Win” on the implementation of the Luxury Tax
May 1, 2022
NMMA Canada has announced that last week, the government posted a notice of the final legislation containing the luxury tax, with a major win for our industry: all deals signed before 2022 (by December 31, 2021) will now be exempt from the luxury tax, regardless of delivery date. You will recall the draft version of the legislation had only exempted deals inked before April 20, 2021.
This major concession is in direct response to concerns voiced by NMMA Canada, the MTAs and marine companies with Finance political staff and officials. This win is in addition to the government previously responding to our advocacy efforts that resulted in getting the price threshold for boats raised from $100,000 to $250,000.
While the luxury tax is still coming into effect, we can take a moment to celebrate these two wins that will protect revenue and jobs in our industry. You can find a copy of the legislation here (see page 259 of the PDF)
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