CEO at Invest in Canada
2018 brought new trade deals for Canada. The signing of Canada-United States-Mexico Agreement (CUSMA) further strengthens the economic relationship between our three countries. On December 30th, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) came into effect, giving Canada preferential access to key markets in Asia and Latin America. These agreements make the international market more accessible for home-grown and global businesses operating in Canada. All this will help to make Canada stronger through new jobs, expanded trade, increased productivity and access to new technologies.
Canada’s Fall 2018 Economic Statement introduced several new measures that, once implemented, will make doing business in Canada even more competitive on the global stage. This includes lowering the marginal effective tax (METR) to encourage investment into new technologies in manufacturing and clean energy. These changes are also allowing all businesses to write off a larger share of the cost of newly acquired assets and removing “red-tape” by simplifying regulations. Canada now has a lower tax rate than the US by almost 5 points!
Source/Image Credit: https://www.linkedin.com/pulse/canadas-fdi-outlook-2019-ian-g-mckay/