Yesterday, the federal government’s luxury tax went into effect. Cars and boats over $100 000, and aircraft over $250 000, will be taxed an additional 10 per cent on their original sale price.
The government is posing the tax as a way to redistribute wealth post-COVID, saying the pandemic cause middle and low income people to become poorer, while the wealthy managed to profit.
To understand this tax and its impact, we’ll hear from two economics professors at Toronto Metropolitan University. They’ll tell us about the role of taxation generally, if the federal government’s estimates make sense, why these items might be the target of a tax, and what it’ll mean for everyday Canadians.
Then, we’ll hear from a few students around campus about their thoughts headed into a new school year.
2021 car sale figures, used by Eslami - https://www.goodcarbadcar.net/2021-canada-large-luxury-car-sales-figures/
