Luxury tax update: Per the federal government's December 14 Economic and Fiscal Update, the proposed luxury tax on aircraft will NOT be coming into force as of January 1, 2022. The Department of Finance is working to incorporate the results of its earlier consultation into the proposed tax framework. Draft legislation, including details on coming-into-force, is scheduled to be released in early 2022. CBAA continues to push for changes to the proposed tax, including delaying coming-into-force until January 1, 2023 and an increase of the threshold to $5 million from $100,000.