Nov 18, 2016
Ted Citrome quoted in the Financial Post on Why the impact of a Trump tax break on foreign profits won't hurt Canada
By Ted Citrome
Giving U.S. companies a tax break to repatriate their foreign cash hoards was one of Donald Trump’s major campaign promises, but while money may come “roaring back” from some jurisdictions, experts say Canada isn’t likely to be one of them.
Trump, who will be inaugurated in January, has frequently touted a tax plan that includes “a deemed repatriation of corporate profits held offshore at a one-time tax rate of 10 per cent.”
“There are enough holes in the wall to use to deploy that capital in the U.S. (from Canada) if they want to, even without repatriating it for tax purposes,” said Ted Citrome, a tax lawyer at Dickinson Wright in Toronto.
This article originally appeared on the Financial Post. To read the complete article, visit Financial Post online.