Following the second (2nd) inauguration of Donald Trump last Monday, January 20th, 2025. Donald Trump’s election victory might have sent shivers down the spines of Canadian economists, but for accountants, it’s like finding a Loonie on the sidewalk. From taxes and tariffs to deregulation, Trump’s policies are a mixed bag, but they sure have some silver linings for our number-crunching friends up here in North.
First, Canadian auditors can breathe a sigh of relief. With the Trump administration’s commitment to deregulation, the once-feared US audit watchdog, the PCAOB, is likely to loosen its grip. This means fewer sleepless nights for auditors in British Columbia and beyond.
Next up, the IRS is set to be rendered toothless. With promises of more funding from the Biden administration chipped away by Republicans, the IRS will stay rudderless for the foreseeable future. This is music to the ears of Canadian accountants who have long grumbled about the CRA’s funding.
Lastly, Trump’s protectionist policies might scare some, but for Canadian accountants, it’s an opportunity to shine. With higher tariffs and potential trade wars, businesses will need expert advice to navigate the choppy waters. It’s like being the Zamboni driver who smooths out the ice for the big game.
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