US bill threatens Canada's companies with major tax increases

A new U.S. tax bill, passed by the House, threatens significant tax increases for Canadian companies and investors, potentially costing them billions. The bill, if enacted, would override the existing Canadian-U.S. tax treaty and impose higher tax rates on Canadian corporations and individuals with U.S. investments, potentially reaching 50%. The bill is a retaliatory measure against Canada's digital services tax. The proposed changes could impact retirement savings and create market uncertainty, according to experts. The bill still needs Senate approval and presidential sign-off before becoming law, with potential implications for cross-border planning.