
Tax Insights: US tariffs and Canadian countermeasures ─ How will it affect Canadian businesses?
On March 6, 2025, US President Donald Trump signed two executive orders, effective March 7, 2025 (and expected to apply until April 2, 2025).
Our periodic newsletter, Tax Insights, will keep you up-to-date on a broad range of corporate and personal tax issues.
On March 6, 2025, US President Donald Trump signed two executive orders, effective March 7, 2025 (and expected to apply until April 2, 2025).
On March 4, 2025, British Columbia’s Minister of Finance, Brenda Bailey, presented the province’s budget.
On February 27, 2025, Alberta’s President of Treasury Board and Minister of Finance, Nate Horner, presented the province’s budget.
On February 18, 2025, Nova Scotia’s Minister of Finance and Treasury Board, John Lohr, presented the province’s budget.
On February 13, 2025, US President Donald Trump signed a memorandum ordering the development of a comprehensive plan for reciprocal tariffs to restore fairness in US trade relationships and counter non-reciprocal trading arrangements.
On February 10 and 11, 2025, US President Donald Trump signed two executive orders that will impose, starting March 12, 2025, a 25% tariff on imports of steel and aluminum products, from all countries, including Canada.
On January 31, 2025, the Department of Finance announced that it will defer the effective date, from June 25, 2024 to January 1, 2026, of the 2024 federal budget proposal that increases the capital gains inclusion rate from ½ to ⅔.
On January 31, 2025, the Department of Finance announced the effective date for the proposed increase to the capital gains inclusion rate and the lifetime capital gains exemption.
On January 23, 2025 the Department of Finance released draft legislation to implement the Minister of Finance’s December 30, 2024 announcement to extend to February 28, 2025 the deadline for making donations eligible for tax relief in the 2024 tax year.
Canadian corporations are required to file annual income and capital tax returns and to meet several other Canadian annual filing and remittance deadlines.
On October 23, 2024, Nova Scotia’s government announced its intention to reduce the Harmonized Sales Tax rate that applies in the province from 15% to 14%, effective April 1, 2025, and a legislative motion was passed on December 10, 2024.
The Canada Border Services Agency has released an updated list of its trade compliance verifications for January 2025.
The interplay between customs valuation and transfer pricing is crucial for Canadian businesses involved in cross-border transactions with related parties.
On December 16, 2024, the federal government presented its 2024 Fall Economic Statement. To improve transparency in the non‑profit organization sector, the economic statement proposes to broaden the number of NPOs that are required to file an annual information return.
On December 16, 2024, the federal government presented its 2024 Fall Economic Statement (economic statement). The economic statement outlines several key measures aimed at enhancing Canada's customs and international trade framework.
Participating employers with a December 31 year end must remit the Goods and Services Tax/Harmonized Sales Tax and Quebec Sales Tax on deemed supplies made to registered pension entities and master pension entities with their December GST/HST and QST returns.
On December 16, 2024, the federal government presented its 2024 Fall Economic Statement (economic statement).
Bill C 78, Tax Break for All Canadians Act, which enacts the temporary GST/HST break on groceries and certain other qualifying goods from December 14, 2024 to February 15, 2025, passed the House of Commons on November 28, 2024.
On September 5, 2024, the Canada Revenue Agency released guidance on the new reporting rules for digital platform operators.
On October 29, 2024, the Canada Revenue Agency announced that it “will not require bare trusts to file a T3 Income Tax and Information Return.