The U.S. Tax Reform measures, specifically the Tax Cut and Jobs Act (TCJA) are now in effect and some Canadian companies might be feeling the impact. The TCJA affects Canadian companies with U.S. operations, or with substantial U.S. revenue. The major U.S. Tax Reform measures may be impacting Canadian companies and leaving them with questions.
Key US Tax Reform Measures
This guide offers an overview of the significant U.S. Tax Reform measures and the impact on Canadian companies. Also outlined is how companies can adapt to the reform measures and the tax implications they should consider. The significant highlights are:
- Tax Rate Changes
- Financing US Operations
- 100% Expensing/Net Operating Loss (NOL) Deduction
- Global Intangible Low-Taxed Income (GILTI)/Foreign Derived Intangible Income (FDII)
- Base Erosion Anti-Abuse Tax (BEAT)
- State Tax position on Tax Reform
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Dan Lundenberg Partner, US Corporate Tax Practice Leader
Harry Chana Partner, International Tax and National Tax Technology Practice Leader