Canadian companies that do business in the United States and U.S. individuals living in Canada should determine how they will be affected by new U.S. tax changes. These changes, which were included in a U.S. budget bill (known as the “One Big Beautiful Bill Act”), were signed into law on July 4, 2025. Note that, before this bill was enacted, the United States removed tax measures meant to address what the U.S. considers to be “unfair foreign taxes” applied by many countries, including Canada.
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