Ottawa – Minister of Finance, François-Philippe Champagne, announced new measures for Canadian businesses and entities affected by the tariff dispute between Canada and the United States. These measures include the remission of some of the countermeasure tariffs announced by Canada in response to unjustified tariffs imposed by the US on Canadian products. First, Minister Champagne announced a performance-based remission framework …
Ottawa – Minister of Finance, François-Philippe Champagne, today confirmed that Canada’s new countermeasures announced last week in response to the unjustified tariffs imposed by the United States on the Canadian auto industry will come into force at 12:01 a.m. EDT on April 9. As the Prime Minister indicated on April 3, this includes: Twenty-five per cent tariffs on non- Canada-U.S.-Mexico Agreement (CUSMA) …
Ottawa – The Department of Finance hosted a recurring briefing with Canadian industry and labour stakeholders, as well as provincial and territorial representatives, on Canada-U.S. economic issues. Canada’s Embassy in the U.S. also joined the call. The discussion focused on the recent tariff actions by the U.S., including the International Emergency Economic Powers Act invoked on April 2 to apply “reciprocal tariffs” …
Ottawa – Canadian steel producers and workers are facing potential harm from the threat of increased steel imports into Canada, triggered by the unjustified 25 per cent tariffs the United States (U.S.) imposed on steel products from all countries. François-Philippe Champagne, Minister of Finance and Anita Anand, Minister of Innovation, Science and Industry announced the launch of a 30-day public …
Ottawa – Recently, the Government of Canada launched a five-year US$3.5 billion global bond. The transaction saw robust demand, with an order book exceeding US$13.9 billion, underscoring investor confidence in Canada’s resilient economy, sound fiscal position, and AAA credit ratings. Proceeds from this global bond will supplement and diversify Canada’s liquid foreign reserves. These liquid foreign reserves are a source …
Ottawa – Chris Forbes, Deputy Minister of the Department of Finance Canada, hosted a briefing with Canadian industry and labour stakeholders and provincial and territorial representatives on Canada-U.S. economic issues. Canada’s Deputy Ambassador to the United States of America also joined the call. During this session, officials provided an update on government actions in response to potential tariffs and other …
Ottawa – The Department of Finance Canada announced the automobile income tax deduction limits and expense benefit rates that will apply in 2025. The following changes to limits and rates will be taking effect as of January 1, 2025: The ceiling for capital cost allowances (CCA) for Class 10.1 passenger vehicles will be increased from $37,000 to $38,000, before tax, …
OTTAWA – The Taxpayers’ Ombudsperson, François Boileau, is pleased that the Canada Revenue Agency (CRA) has proactively waived the 2024 filing requirement for bare trusts, unless it makes a direct request. In July 2024, the Taxpayers’ Ombudsperson announced that our Office was opening a systemic examination into whether the CRA had respected taxpayers’ rights in its administration of bare trust filing requirements …
Ottawa – The Department of Finance Canada announced the automobile income tax deduction limits and expense benefit rates for 2024. The following changes to limits and rates will take effect as of January 1, 2024: The ceiling for capital cost allowances (CCA) for Class 10.1 passenger vehicles will increase to $37,000 from $36,000, before tax, in respect of new and …
