Those buying high-end cars, private jets and yachts over a certain price will now have to pay 10 percent of the item's value because of the new tax.
"Taxes help pay for the government programs and services that Canadians depend on. They provide a social safety net on which all Canadians can rely in times of crisis," a statement on the government's website reads.
A new luxury tax for the purchase of high-end cars, aircraft and boats goes into effect September 1 in Canada. Above, boats docked in Vancouver.Anthony Norejko, president and CEO of the Canadian Business Aviation Association, criticized the legislation, saying the new"luxury tax" is"of great concern for Canada's beleaguered aviation sector and its employees."
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