taxnews.ey.comPrint

16 October 2018

Canada’s Department of Finance announces new global steel safeguard surtax; implements remission order for surtaxes on certain US origin goods

The Department of Finance (Finance Canada) on October 11, announced a new 25% global safeguard surtax on steel products, subject to a Canadian International Trade Tribunal injury inquiry, with exceptions for certain free-trade partners, lesser-developed countries entitled to the general preferential tariff, and United States (US) origin goods already subject to the surtax, intended to prevent diversion of foreign steel products into Canada. Finance Canada also announced a Remission Order made on October 10, providing full relief in specific circumstances from the surtax on steel and aluminum products (and certain vessels) subject to the retaliatory surtax measures on products originating in the US. In addition, Finance Canada provided an update on the House Committee on International Trade Study on the effect of the surtax on US origin goods.

A Tax Alert prepared by Ernst & Young Canada, and attached below, provides additional details.

———————————————
ATTACHMENT

Full text of this Tax Alert

Document ID: 2018-2049

 

The information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting or tax advice or opinion provided by Ernst & Young LLP to the reader. The reader also is cautioned that this material may not be applicable to, or suitable for, the reader's specific circumstances or needs, and may require consideration of non-tax and other tax factors if any action is to be contemplated. The reader should contact his or her Ernst & Young LLP or other tax professional prior to taking any action based upon this information. Ernst & Young LLP assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein.

 

Copyright © 1996 – 2025, Ernst & Young LLP

 

All rights reserved. No part of this document may be reproduced, retransmitted or otherwise redistributed in any form or by any means, electronic or mechanical, including by photocopying, facsimile transmission, recording, rekeying, or using any information storage and retrieval system, without written permission from Ernst & Young LLP.

 

EY US Tax News Update Master Agreement | EY Privacy Statement