Canada to Collect Billions From Global Minimum Tax, Budget Says

Canada expects to raise new revenue of C$5.1 billion (US $3.8 billion) in the first two years after it imposes a global minimum tax on multinationals, according to the federal budget released Tuesday.

The Department of Finance will take in new revenue of C$2.8 billion in fiscal 2027 and C$2.4 billion in fiscal 2028, once key elements of the 15% global minimum tax—Pillar Two of the OECD’s Inclusive Framework—are in place, the budget said. The framework is a global overhaul of corporate taxation agreed to by nearly 140 countries.

The government will unveil draft legislation in the coming months to ...