Canadian importers and exporters need to consider how they will be affected by the pending trade agreement with the United States and Mexico.
Leaders from all three countries agreed to final revisions to the United States-Mexico-Canada Agreement (USMCA) on 10 December 2019, meaning that the stage is set for the trade agreement to be considered by each country legislature. Once the legislative procedures to ratify the agreement are completed, the agreement—which Canada calls the “CUSMA”—would replace the North American Free Trade Agreement (NAFTA), and is currently expected to enter into force in 2021.
As a result, companies need to consider how to plan for the new trade agreement and specifically, companies in various industries need to:
Read a December 2019 report [PDF 180 KB] prepared by the KPMG member firm in Canada
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.