Emma Lamperson

Select Luxury Items Tax Act (S.C. 2022, c. 10, s. 135) The luxury tax is calculated as either 10% on the total price of vessels over $250K, or 20% of the value over $250K. To change the threshold to (for example) $6M, but make this amount tax exempt. So the luxury tax would be 10% of the value over $6M, but would not apply on the first $6M. This solution keeps the luxury tax in place, but allows a threshold less than the $10M suggested while providing very significant benefit to builders of yachts and boat dealers in Canada.