Revenues from a national luxury tax exceed Budget Office forecasts, new data show. Finance Minister Chrystia Freeland imposed the tax in 2022 to make wealthier Canadians share “a little bit of that good fortune” with the federal treasury, she said.

Cabinet in an Inquiry Of Ministry tabled in the Commons said in the first six months the tax was applied, from September 1, 2022 to March 31, 2023, revenues totaled $137 million. The Budget Office in a 2021 report predicted initial revenues would total $150 million a year.

The figures were tabled at the request of Conservative MP Adam Chambers (Simcoe North, Ont.) who asked, “What is the total amount of luxury tax assessed?” The Inquiry did not explain whether revenues were higher than expected due to a spike in 2022 auto prices.

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