Canadian companies that do business in the U.S should prepare for the new U.S. tax changes.
The United States is expected to soon pass tax legislation that will have a significant effect on domestic and multinational corporations. These amendments, which are expected to be effective January 1, 2018, substantially modify the U.S. tax Code, including introducing changes that will significantly impact both U.S. domestic and cross-border taxation.
Now that the House and Senate have voted on the final bill, it is expected to be presented to President Trump to sign into law by the end of 2017. The amendments, some of which are effective January 1, 2018 or have retroactive effect to earlier periods, represent the biggest tax overhaul to the United States tax Code since 1986. Some of the more significant changes are described below.
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