US: Trump exempts automakers from Mexican, Canadian tariffs for a month
According to the White House, on 5 March 2025, US President Donald Trump has decided to exempt automakers from his 25% tariffs on Canada and Mexico for one month if they follow existing free trade rules. Following discussions with the three
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Canada retaliates with 25% tariffs on US products
In a retaliatory move, Canada’s Prime Minister Justin Trudeau, in a statement and a post on X, announced that Canada will implement 25% tariffs on CAD 155 billion of American products. This follows after US President Donald Trump’s new 25%
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Canada: Nunavut presents 2025-26 budget, no income or corporate tax hike
Canadian province, Nunavut’s Finance Minister Lorne Kusugak delivered the province’s 2025-26 budget on 24 February 2025. The key aspect of the 2025-26 budget is it includes no increases to corporate or income taxes. However, the federal
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Canada: Alberta presents tax measures for 2025 budget
Alberta’s Finance Minister Nate Horner has presented the province’s budget for 2025 on 27 February 2025. Alberta is facing its first deficit since 2020-21, with no clear plan yet to return to a surplus. The province anticipates a CAD 5.2
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Canada consults on EV supply chain investment tax credit
Canada's Department of Finance has announced a consultation on draft legislative proposals on 21 February 2025 to implement Budget 2024's Electric Vehicle Supply Chain Investment Tax Credit (EVSC-ITC). Canada’s 2024 Budget announced a
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Canada: Nova Scotia announces 2025-26 budget
Nova Scotia's Minister of Finance and Treasury Board, John Lohr, presented the province's fiscal budget for 2025-26 on 18 February 2025. The government’s Capital Plan 2025-26 will invest more than CAD 2.35 billion in healthcare facilities,
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Canada: Northwest Territories announce 2025-26 budget, carbon tax increased, income tax unchanged
Finance Minister Caroline Wawzonek has presented the Government of the Northwest Territories (GNWT) 2025-26 budget to the 20th Legislative Assembly on 6 February. Budget 2025‑2026 forecasts revenues of CAD 2.7 billion and allocates CAD 2.5
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US postpones new tariffs on Canada, Mexico for 30 days
US President Donald Trump has agreed on Monday, 3 February 2025, to halt tariffs on Canada and Mexico for 30 days – which was set to take effect Tuesday, 4 February 2025 – after both countries pledged to step up efforts to stop illicit drugs and
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Canada delays capital gains tax hike to 2026
Canada’s Minister of Finance and Intergovernmental Affairs, Dominic LeBlanc, has announced that the federal government is deferring—from 25 June 2024 to 1 January 2026—the date on which the capital gains inclusion rate would increase from
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US President Donald Trump’s tariffs spark retaliation from Canada, Mexico, China, and Taiwan escalating trade wars
Canada’s Prime Minister Justin Trudeau announced on Saturday, 1 February 2025, that the country will impose 25% tariffs on US goods, including orange juice, household appliances, and plastics, in response to US duties on Canadian imports. This
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Canada: Tax Authority outlines changes that will affect business taxes in 2025
In 2024, there were several announcements about changes to business taxes that will take effect in 2025. Canada Revenue Agency (CRA) has published key updates, along with some helpful resources to make it easier to manage these
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Canada: Budget deficit shrinks in first 7 months of 2024/25
Canada’s Ministry of Finance has reported a CAD 14.50 billion (USD 10.09 billion) budget deficit in the first seven months of 2024-25 on 20 December 2024. The Finance Ministry said this deficit is slightly lower than last year due to increasing
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Canada mandates digital tax registration for big businesses next year
Canada’s government has mandated that large businesses whose online revenues are above specific thresholds must register for a Digital Services Tax (DST) programme account by 31 January 2025, and file and pay their first DST returns by 30 June
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Canada updates Scientific Research and Experimental Development Tax (SR&ED) incentive in 2024 fall economic statement
Canada's Department of Finance has released the 2024 Fall Economic Statement on 16 December 2024. Among the key updates are enhancements to the Scientific Research and Experimental Development (SR&ED) tax incentive programme and more support for
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Canada enacts law making food, holiday essentials tax-free for two months
Canada's Department of Finance has announced enacting the Tax Break for All Canadians Act after receiving Royal Assent on 12 December 2024. This legislation introduces a temporary Goods and Services Tax/Harmonized Sales Tax (GST/HST) exemption on
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Canada suspends tax treaty with Russia
Canada has provided a formal notice to Russia, on 18 November 2024, to confirm the suspension of the Agreement Between the Government of Canada and the Government of the Russian Federation for the Avoidance of Double Taxation and the Prevention of
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Canada: Parliamentary Budget Officer revises fiscal multiplier estimates
Canada’s Parliamentary Budget Officer (PBO) has updated estimates of fiscal multipliers on 20 November 2024. To assist parliamentarians’ deliberations of the current economic and fiscal situation, this additional analysis provides PBO’s
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Canada announces personal income tax rates for 2025
The Canada Revenue Agency (CRA) released the Indexation Adjustment For Personal Income Tax And Benefit Amounts from 2022 to 2025 on 15 November 2024. Indexed amounts are provided for tax credits, medical expense supplements, old age security
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