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 2026

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

A 120-plus-day delay to refunds would cost taxpayers almost $3bn in additional interest, the Cato Institute warned; plus indirect tax updates from February
The Office for Budget Responsibility’s pessimistic pillar two forecast accompanied the UK chancellor’s muted Spring Statement, dubbed ‘as dull as possible’ by one adviser
Digital tax reform is dissolving the old ‘temporal buffer’, forcing systems, institutions, and professionals to adapt as real-time reporting reshapes governance, capability, and compliance
Our first instalment features analysis of Deloitte’s landmark EMEA merger, Donald Trump’s Supreme Court tariff showdown and Venezuela’s tax evolution
While some believe it could have a positive effect on the wider advisory landscape, others argue that HMRC’s ‘red tape’ exercise won’t deter bad actors
The political optics of the US’s carve-out deal are poor, but as the Fair Tax Foundation’s Paul Monaghan writes, it preserves pillar two’s guiding ethos
The big four firm reportedly sent ‘threatening’ correspondence to Unity Advisory over its hiring of ex-PwC partners; plus tax recruitment news from the week
Tom Goldstein, who was represented by US law firm Munger, Tolles & Olson, denied wilfully cheating on his taxes and blamed errors on his staff
Multinationals face rising TP scrutiny as global rules diverge. As Daniel Moalusi argues, strong, consistent documentation is now essential to minimise audit risk and protect tax positions
The profession is fundamentally restructuring itself around what tax and accounting work should be, a Thomson Reuters leader told ITR
Gift this article