Incoming U.S. President Donald Trump's plan to impose tariffs on Canadian goods presents a critical challenge for Canada's export-based economy â”EUR andKPMG in Canada is supporting Canadian companies to meet this challenge and stay competitive.
“KPMG's Tax, Advisory and Legal professionals have been proactively working to understand the immediate impacts of U.S. tariffs and help our clients develop comprehensive, forward-looking strategies for a new era of Canada-U.S. relations,” says Tim Prince, KPMG's Canadian Managing Partner, Clients and Markets.
KPMG's integrated teams provide comprehensive analyses of business, trade and tax-related risks and proactive solutions that help Canadian companies navigate immediate and long-term impacts. KPMG's Trade and Customs professionals are collaborating with our member firms in the U.S. and Mexico to analyze the potential effects of tariffs on international trade and provide holistic insights and advice.
Specifically, KPMG is supporting clients with:
— Trade & Customs:Developing comprehensive strategies that can help optimize supply chains, mitigate impact and recover applicable tariffs.
— Tax/Transfer pricing: Assessing transfer pricing exercises to consider strategic structures and policies that go beyond compliance.
— Supply chain: Enhancing supply chain resiliency to strengthen business continuity and proactive planning opportunities.
— Risk services: Adhering to regulatory compliance requirements internally and when managing third party suppliers, including contract assessment and dispute resolution.
— Mergers and acquisitions: Advising on cross-border deals, value creation and business valuations.
KPMG spokespeople are available to comment on trade developments and business impacts and solutions, including:
“In the short-term, many companies that rely on cross-border trade will need to conduct in-depth risk assessments of their supply chains and goods to determine how their operations and revenues may be affected,” saysDemet Tepe, Partner, National Leader, Transfer Pricing, KPMG in Canada. “We are advising companies to take immediate steps by identifying and assessing the country of origin and valuation of goods and adopting transfer pricing strategies to lower their dutiable amount as much as possible.”
About KPMG in Canada
KPMG LLP, a limited liability partnership, is a full-service Audit, Tax and Advisory firm owned and operated by Canadians. For over 150 years, our professionals have provided consulting, accounting, auditing, and tax services to Canadians, inspiring confidence, empowering change, and driving innovation. Guided by ourcore valuesof Integrity, Excellence, Courage, Together, For Better, KPMG employs more than 10,000 people in over 40 locations across Canada, serving private- and public-sector clients. KPMG isconsistentlyranked one of Canada's top employers and one of the best places to work in the country.
The firm is established under the laws of Ontario and is a member of KPMG's global organization of independent member firms affiliated with KPMG International, a private English company limited by guarantee. Each KPMG firm is a legally distinct and separate entity and describes itself as such. For more information, seekpmg.com/ca.
For media inquiries:
Nancy WhiteNational Communications and Media RelationsKPMG in Canada(416) 876-1400nancywhite@kpmg.ca
Roula MeditskosNational Communications and Media RelationsKPMG in Canada(416) 549-7982rmeditskos@kpmg.ca
SOURCE KPMG LLP
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