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Canada Launches Public Review of Luxury Tax Proposal

Aug. 10, 2021, 7:35 PM

Canada is asking the public to submit opinions on a proposal to tax luxury goods such as cars, boats, and planes as a way of fixing wealth inequality exacerbated by the coronavirus pandemic.

Finance Canada launched the consultations Tuesday to fine-tune the details of its preferred approach ahead of introducing legislation to make it law.

  • The tax would apply on vehicles and aircraft priced over C$100,000 ($80,000) at a rate of either 10% of the total price, or 20% of the portion of the price above C$100,000, whichever is lower, the department said in a background document.
  • The ...