Canada’s government has made changes to milestone dates and dollar thresholds in its new luxury tax regulation that National Marine Manufacturers Association Canada describes as a “major win for our industry.”
In the final legislation, any deals signed before Dec. 31, 2021, regardless of delivery date, will now be exempt from the luxury tax, NMMA Canada president Sara Anghel said in a statement. The previous version exempted transactions up to April 20, 2021.
Additionally, the luxury tax’s price threshold for boats was raised to $250,000 from $100,000. The two concessions were a result of advocacy by NMMA Canada, the statement said.
“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,” Anghel said.
