AmCham Pacific - Canada - US Business Tax and Investment 2025 : A Look Ahead

Watch the replay of the recent AmCham event with Andersen in Canada.

Topics Covered:

1. US tax policy: The stage is set for US tax adjustments. A Republican-controlled Congress may use the budget reconciliation process in order to enact a tax bill in 2025. The bill may include extensions to provisions within the Tax Cuts and Jobs Act. It is likely to include at least some of the tax cuts proposed by President-elect Trump during his campaign.

2. US import tariffs. The new US Trump Administration may bring about significant changes including increased tariffs on imported goods. These changes may be imposed by way of an Executive Order or with Congressional approval. Countries considered high-risk from an increased US tariff standpoint include Canada, China, the EU, and Mexico. Increased US tariffs may disrupt supply chains, create uncertain business conditions, and train trade relationships. Businesses are now scenario planning and considering potential options for dealing with increased US tariffs.

3. Retaliatory measures. The imposition of increased US tariffs could result in widespread retaliatory measures. Canada, China, the EU, and Mexico could take various steps to target US exports, complicating supply networks, and Canadian retaliatory countermeasures may include surtaxes on specified goods. The result may be a general thickening of tariff and non-tariff barriers at international boundaries.

4. Enforcement. Canada has announced new security measures and the allocation of up to $1.3 billion to secure its border. This was part of a fall economic statement and appears to be designed to address concerns identified by president-elect Trump. A focus in on bolstering the Canada Border Services Agency’s capability respecting the inspections Canada is not use to illegally divert Chinese goods into the US.

5. Risk management strategies
Many businesses are preparing for an uncertain future by assessing their options and potential next steps. Areas of focus include: monitoring regulations, identifying which inputs and finished goods might be most at risk for tariff increases; possible contract adjustments to address tariff fluctuations; supply chain diversification; and making tariff exclusion applications. Firms that review their circumstances now may be best able to deal with changes in the future.

Speakers:

Namir Hallak, CPA, CA, CPA (Kansas), CGMA: Namir has over 20 years of experience specializing in cross-border tax compliance and planning for multinational Canadian and U.S. corporations. Namir is passionate about helping businesses expand across borders, offering strategic tax insights for cross-border operations, investments and mergers/acquisitions.

Gerald Scott, CIM, CFP, CRPC - Portfolio Manager, Branch Manager Snowbirds Wealth Management at Raymond James Ltd.
Snowbirds Wealth Management is an independent Financial Advisory Group within Raymond James Ltd. True wealth management stems from a genuine understanding of your needs. We partner with individuals to build a clear roadmap to retirement using unique tools in the investment space. Our focus is on enhancing your financial experience by reducing your exposure to risk as much as possible.

Daniel Kiselbach, JD, MBA: Dan is the Vancouver Managing Partner Miller Thomson LLP, a national business law firm with approximately 500 lawyers across 5 provinces in Canada. He is licensed to practice law in BC, Ontario, and New York. He leads the firm’s Vancouver Tax Group and the Global Trade and Customs Group.

Disclaimer:
This recorded event is for informational purposes only and does not constitute legal, tax, or financial advice. The opinions expressed during the event are those of the presenters and do not necessarily reflect the views of Andersen LLP. Attendees and viewers are encouraged to seek professional advice tailored to their specific circumstances before making any decisions based on the content of this recorded event. Participation in the event does not create a client relationship with Andersen LLP or any of its affiliates.