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The federal government received $638 million in revenue from customs import duties in January. While that was an increase of 19 per cent over last December, it marks the first year-over-year decline since Canada slapped retaliatory tariffs on many U.S. goods last spring. (The Logic)
Talking point: Import duties contributed nearly $8.9 billion from April 2025 to January this year, according to the Fiscal Monitor published Friday by the Finance Department. That is 88 per cent higher than the same period the previous year and, with two more months to go, in line with the $9.9 billion forecast for fiscal 2025-26 in the federal budget. It is well below the $20 billion that both the Liberals and the Conservatives booked into their election platforms. Import duties revenue spiked in March 2025 when Canada imposed its 25 per cent U.S. counter-tariffs. It rose steadily until September, when most were repealed.
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