- Canadian Tariffs on US Goods: Effective March 4, 2025, Canada imposed a 25% surtax on US-origin goods valued at CA$30 billion as a response to US tariffs, with a public consultation on an additional CA$125 billion worth of goods proposed until April 2, 2025.
- US Tariffs on Canadian Imports: As of March 10, 2025, Canadian-origin imports face a 25% tariff unless they qualify for USMCA exemptions, with a 10% tariff on certain energy resources and potash. The US is also exploring reciprocal tariffs against trade partners.
- Remission Process: Canada may grant remission from tariffs on US imports in exceptional circumstances, such as inability to source goods domestically or significant adverse economic effects. Requests for remission must be submitted to the Department of Finance with supporting documentation.
Source EY
Latest Posts in "Canada"
- New GST Voluntary Disclosure Guidelines: Major Changes to CRA’s VDP Now in Effect
- Navigating GST/HST on Domestic and International Freight Transportation Services in Canada
- Final 2025 GST/HST Credit Payments Released for Eligible Canadians on October 3
- Ensuring Compliance: Québec’s Uniform Fiscal Documentation and Reporting Requirements
- Navigating Canada’s Complex Sales Tax System: GST, HST, PST, and QST Explained
