Analysis by the Finance Department also says the new tax could lower total Canadian GDP by between $58-million and $125-million
A Finance Department report on the projected impact of the new federal luxury tax says it could lead to between 400 and 870 job losses – a finding auto, boating and aviation industry groups argue confirms their warning that the policy will hurt Canadian workers.
The analysis by the Finance Department, which provides research and policy support to Finance Minister Chrystia Freeland, also says the new tax could lower total Canadian GDP by between $58-million and $125-million. The report describes this as equivalent to up to 0.005 per cent of GDP, adding that is “a negligible share, although this entirely reflects the very narrow and specific base to which this tax is applied.
Broken down by sector, the report says the vehicles market would be hardest hit in terms of reduced sales, with an impact of between $125.2-million and $210.2-million. Vessels would be next, with reduced sales of between $32.7-million and $102.9-million, followed by aircraft at between $13.5-milion and $28.7-million.released in May, 2022, by Parliamentary Budget Officer Yves Giroux.
“The analysis provided by Finance Canada on the impact of the Federal Luxury Tax makes clear that automotive retailers and their employees will be hurt by the tax – not wealthy Canadians,” he said in a statement. “Even this report’s minimizing approach makes clear hundreds of local dealership jobs will be lost and tens of millions of economic growth will be lost.”in 2021 by economists Jack Mintz and Fred O’Riordan that concluded the tax would lead to $90.
released last year by the Aerospace Industries Association of Canada, which warned the tax would cause at least 2,000 direct job losses in that sector alone. The department’s report acknowledges that estimating a behavioural response is especially challenging when it comes to aircraft.
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