The Slow Burn Of U.S. Tax Reform

From the moment of its enactment on December 22, 2017, the U.S. tax reform legislation commonly referred to as the "Tax Cuts and Jobs Act" (the "TCJA") signalled a seismic shift in U.S. tax policy. The TCJA promises to transform tax norms in a way that will make the U.S. more competitive and reshape cross-border planning and transactions. To date, few countries outside the United States have felt the effects of this change more forcefully than Canada has. Yet, in many ways, the real details of these reforms are only now coming into focus and their true impact has only begun to be felt. This summary provides an overview of key things that Canadians should be on the lookout for as major guidance begins to flow from the U.S. Treasury Department.