Canada’s 2016 Budget to be paid for by the US*

International Tax Review is part of Legal Benchmarking Limited, 1-2 Paris Garden, London, SE1 8ND

Copyright © Legal Benchmarking Limited and its affiliated companies 2025

Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement

Canada’s 2016 Budget to be paid for by the US*

mexico

Negotiations for fictitious Budget funding from the US to Canada have hit a brick Wall in Mexico

In an all-party parliamentary vote this month, the US Congress has passed a movement to send a cheque to the Canadian Prime Minister, Justin Trudeau, for his 2016 Budget.

The estimated 2016-2017 deficit that Trudeau's Budget will incur is to be funded by US Congress in a generous move to encourage business between the two countries.

Mexico is said to be apoplectic: while it will be left with the American bill for 'The Wall', Canada has only offered a specific tax exemption for Taco Bell – a frankly insulting take on Mexican cuisine and, more pertinently, a US corporation.

In a joint statement on Monday, US President Barack Obama and Republican and Democrat frontrunners Donald Trump and Hillary Clinton said: "We've got it all figured out. Mexico pays for The Wall, we fund the Canadian Budget, and Canada and Mexico... Well, they can figure it out for themselves. God bless the United States of America."

*not really

more across site & shared bottom lb ros

More from across our site

Recent news of job cuts at EY is symptomatic of how the PwC controversy has tarnished the reputation of the entire ‘big four’
Experts reportedly discussed extending the safe harbour to 2027 to give countries more time to legislate; in other news, Baker McKenzie and Greenberg Traurig made senior tax hires
Awards
Submit your nominations to this year's WIBL Americas Awards by January 23
Recent changes in UK tax rules and cross-border requirements are generating high demand for specialist advice, according to MHA
Hany Elnaggar examines how Gulf Cooperation Council countries are internalising transfer pricing norms within evolving fiscal systems shaped by both Islamic and international influences
Where a TP study of comparables produces an arm’s-length range, and the taxpayer’s filed position is outside that range, HMRC will adjust to the median by default
EY, KPMG, Deloitte, and PwC have all seen a decrease in public sector contracts since the scandal – it is understood
Consoli, a tax partner at Brazilian law firm Martinelli Advogados, tells ITR about the importance of staying at the coalface and constantly learning
Despite legislative gridlock, international investors should be wary of legal precedents set by recent court rulings, which could substantially alter the Spanish tax environment
The new outfit, Ashurst Perkins Coie, will bring together around 3,000 lawyers across 23 countries
Gift this article