In provinces where the fuel charge applied, a portion of fuel charge proceeds from the price on pollution is returned to eligible small- and medium-sized businesses via the Canada Carbon Rebate for Small Businesses, an automatic, refundable tax credit provided directly to eligible businesses. Corporations do not have to apply for the tax credit; the payment amounts are automatically determined by the Canada Revenue Agency (CRA).
Today, the Minister of Finance and National Revenue, the Honourable François-Philippe Champagne, issued draft legislation to ensure that all Canada Carbon Rebates for Small Businesses are provided tax-free—securing small businesses the full financial benefit of the rebates.
The DST was announced in 2020 to address the fact that many large technology companies operating in Canada may not otherwise pay tax on revenues generated from Canadians. Canada’s preference has always been a multilateral agreement related to digital services taxation. While Canada was working with international partners, including the United States, on a multilateral agreement that would replace national digital services taxes, the DST was enacted to address the aforementioned taxation gap.
Earlier this year the U.S. Secretary of the Treasury outlined the United States’ concerns regarding the Pillar 2 rules agreed by the OECD/G20 Inclusive Framework on BEPS and set out a proposed ‘side-by-side’ solution under which U.S. parented groups would be exempt from the Income Inclusion Rule (IIR) and Undertaxed Profits Rule (UTPR) in recognition of the existing U.S. minimum tax rules to which they are subject.
This temporary trade measure will help stabilize the Canadian steel market by addressing the risk that steel originally destined for the United States is redirected to Canada. The combination of tariffs imposed by the U.S. on all steel imports and global overcapacity, caused by non-market practices, has led many exporters to seek new markets. This measure helps manage that pressure without disrupting supply for Canadian users.
The Government of Canada announced the implementation of tariff rate quotas (TRQs) on imports of steel mill products from non-free trade agreement partners, effective June 27, 2025. This measure will help stabilize the Canadian market and prevent harmful diversion of foreign steel from third countries into Canada while minimizing impacts on Canadian importers and downstream users.
Yesterday, the Deputy Minister of Finance, Chris Forbes, hosted a briefing with Canadian industry and labour stakeholders on Canada-United States (U.S.) economic issues. Senior officials from the Embassy of Canada in the U.S., also joined the call.
Today, the Minister of Finance and National Revenue, the Honourable François-Philippe Champagne, announced a series of measures to protect Canadian steel and aluminum producers and workers.
The Honourable François-Philippe Champagne, Minister of Finance and National Revenue, convened a virtual meeting with provincial and territorial Finance Ministers to advance shared priorities and strengthen Canada’s economic resilience.
Canada remains steadfast in its support for Ukraine as it fights to defend its sovereignty, territorial integrity, and democracy. The conflict initiated by Russia, with support from Belarus, continues to severely impact Ukraine’s economy, including its ability to export goods globally.
