The Trump effect: what’s next for the Canadian economy? (part 1)

How the new administration could affect your business

Insights: The US Corporate Tax Code

By: Carey Singer

There’s been much discussion lately as to what, if any, reform will be seen under the soon-to-be Trump administration in the US. As Trump was campaigning on sweeping reform in the months leading up to the US election, businesses throughout North America are now following these developments with piqued interest. But what are the professionals saying about all of this?

Recently, Harvard Business Review published an interesting article by Kimberly Clausing on tax reform in the US: “The Real (and Imagined) Problems with the U.S. Corporate Tax Code”. While the opinions in this article are not necessarily those of Richter, it is important to stay as informed as possible on the subject.

Whether you agree with the author’s opinions or not, we can all agree that there is the potential for big shifts in U.S. tax policy under the Trump administration and the Republican controlled Congress. As US Tax partner Carey Singer notes, whether it be the lowering of corporate and personal tax rates, incentives for repatriating overseas earnings to the US, penalties for moving profits outside of the US, and/or repeal of the estate tax, it will be an interesting time for businesses everywhere. The next few months and years are sure to be filled with much debate; and ultimately, the possibility for sweeping tax law changes.

Through it all, we promise to follow up-dates as and when they become available, post-inauguration. Our Tax, Cross Border and Transfer Pricing teams will continue to monitor and evaluate the potential changes in order to help our clients prepare appropriately. Stay tuned, or contact our experts today for more information. 

Stay tuned for new posts in our The Trump Effect series. Missed a post? Read on here:

Post 2: Should we really expect an influx of U.S. citizens in Canada?
Post 3: What does the future of TPP mean for your business?
Post 4: Is NAFTA next?
Post 5: How the new administration could affect the tech sector

Post 6: Cybersecurity: changes on the horizon

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About Richter : Founded in Montreal in 1926, Richter is a licensed public accounting firm that provides assurance, tax and wealth management services, as well as financial advisory services in the areas of organizational restructuring and insolvency, business valuation, corporate finance, litigation support, and forensic accounting. Our commitment to excellence, our in-depth understanding of financial issues and our practical problem-solving methods have positioned us as one of the most important independent accounting, organizational advisory and consulting firms in the country. Richter has offices in both Toronto and Montreal. Follow us on LinkedIn, Facebook, and Twitter.

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