Ottawa’s luxury tax on high-priced cars, planes and boats is coming into effect today, despite warnings from some critics that the measure will hurt the economy and turn out to be more trouble than it’s worth.
As of Thursday, luxury cars and personal aircraft with sale prices of over $100,000 and boats for personal use with price tags of more than $250,000 will be slapped with a 10 to 20 per cent tax.
The measure received final approval this past June and is expected to raise $163 million in new revenue per year.
