{"id":56615,"date":"2025-02-24T18:57:04","date_gmt":"2025-02-24T18:57:04","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2025\/02\/24\/some-canadian-companies-are-considering-relocating-to-the-u-s\/"},"modified":"2025-02-24T18:57:04","modified_gmt":"2025-02-24T18:57:04","slug":"some-canadian-companies-are-considering-relocating-to-the-u-s","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2025\/02\/24\/some-canadian-companies-are-considering-relocating-to-the-u-s\/","title":{"rendered":"Some Canadian companies are considering relocating to the U.S."},"content":{"rendered":"<p> \n<\/p>\n<div id=\"\">\n<header aria-label=\"Beginning of Article\" class=\"article-header article-header--story\">\n<nav aria-label=\"Breadcrumb\" class=\"breadcrumbs\" data-aqa=\"nav-breadcrumb\">\n<p>Breadcrumb Trail Links<\/p>\n<ol class=\"breadcrumbs__items list-unstyled\">\n<li class=\"breadcrumbs__item\">News<\/li>\n<li class=\"breadcrumbs__item\">Economy<\/li>\n<\/ol>\n<\/nav>\n<div class=\"article-header__detail\">\n<div class=\"article-header__detail__texts\">\n<p class=\"article-subtitle\">Montreal-based TFI International Inc. just announced it was changing its legal domicile to the U.S.<\/p>\n<div class=\"article-meta\">\n<p><span class=\"published-date__since\">Published Feb 24, 2025<\/span> \u00a0\u2022\u00a0 <span class=\"updated-date__since\">Last updated 3\u00a0minutes ago<\/span> \u00a0\u2022\u00a0 <span class=\"published-date__word-count\">5 minute read<\/span><\/p>\n<div class=\"article-meta__bottom\">\n<div class=\"bookmark-wrapper\">\n<div class=\"popover\" data-aqa=\"popover\" data-click-to-appear=\"True\" data-container=\"\" data-container-offset=\"\" data-no-style=\"\" data-popover-component=\"\" data-position=\"top\" data-sticky=\"\" data-tail-offset=\"200\" data-tail-position=\"right\"><button class=\"popover__trigger bookmark-button\"><span class=\"save-article-button save-article-button--default\" title=\"Save article\" data-article-id=\"905467b9-6d80-4b22-bfb8-a1448ae40b89\" data-evt-skip-click=\"true\"\/><\/button><\/p>\n<div aria-describedby=\"popover-desc-popover-bookmark\" class=\"popover__content\" hidden=\"\" role=\"dialog\">\n<div class=\"popover__content__wrapper\">\n<div class=\"popover__content__text\" id=\"popover-desc-popover-bookmark\">\n<div class=\"bookmark__popover__content\">\n<p>You can save this article by registering for free here. Or sign-in if you have an account.<\/p>\n<\/div>\n<\/div>\n<p><button class=\"popover__content__close\" data-evt-skip-click=\"true\" title=\"Close\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" viewbox=\"0 0 12 12\" class=\"icon--close\" height=\"12\" version=\"1.1\" width=\"12\"><polygon points=\"12 0.95 11.05 0 6 5.05 0.95 0 0 0.95 5.05 6 0 11.05 0.95 12 6 6.95 11.05 12 12 11.05 6.95 6\"\/><\/svg><\/button><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<figure class=\"featured-image\" data-aqa=\"featured-image\"><picture class=\"featured-image__ratio\"><source media=\"(min-width: 1200px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/0225-bc-magna.jpg?quality=90&amp;strip=all&amp;w=564&amp;h=423&amp;type=webp&amp;sig=RDo88Ua0Z9RvnUmfpmohlQ,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/0225-bc-magna.jpg?quality=90&amp;strip=all&amp;w=1128&amp;h=846&amp;type=webp&amp;sig=MsoAWaQSj_yVDlxOjqbrXA 2x\" type=\"image\/webp\"><source media=\"(min-width: 1200px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/0225-bc-magna.jpg?quality=90&amp;strip=all&amp;w=564&amp;h=423&amp;type=jpg&amp;sig=BvYtsx3m9lzx8MSktWGV0A,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/0225-bc-magna.jpg?quality=90&amp;strip=all&amp;w=1128&amp;h=846&amp;type=jpg&amp;sig=SOGjzi2ikz1ZLSAPUpA89A 2x\" type=\"image\/jpeg\"><source media=\"(min-width: 768px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/0225-bc-magna.jpg?quality=90&amp;strip=all&amp;w=472&amp;h=354&amp;type=webp&amp;sig=JJWd2AJF0Gbg6CdNI7YrLw,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/0225-bc-magna.jpg?quality=90&amp;strip=all&amp;w=944&amp;h=708&amp;type=webp&amp;sig=R1loPAKdj_nPA8XWZKY1kw 2x\" type=\"image\/webp\"><source media=\"(min-width: 768px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/0225-bc-magna.jpg?quality=90&amp;strip=all&amp;w=472&amp;h=354&amp;type=jpg&amp;sig=_zPt4jutkz7uVfNmhkjZcg,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/0225-bc-magna.jpg?quality=90&amp;strip=all&amp;w=944&amp;h=708&amp;type=jpg&amp;sig=8gGhV-5xOMZZUOvlTBoAGA 2x\" type=\"image\/jpeg\"><source media=\"(max-width: 767px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/0225-bc-magna.jpg?quality=90&amp;strip=all&amp;w=288&amp;h=216&amp;type=webp&amp;sig=rUm6lTHgrjajLrbBcTfpTg,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/0225-bc-magna.jpg?quality=90&amp;strip=all&amp;w=576&amp;h=432&amp;type=webp&amp;sig=pvzjUwAEn0VCznGlftVN2A 2x\" type=\"image\/webp\"><\/source><\/source><\/source><\/source><\/source><\/picture><figcaption class=\"featured-image__caption image-caption\"><span class=\"caption\">Some of Magna\u2019s customers are considering shifting production to avoid U.S. tariffs.<\/span> <span class=\"credit\">Photo by Cole Burston\/Bloomberg<\/span><\/figcaption><\/figure>\n<\/div>\n<\/header>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p data-async=\"\">The threat of widespread U.S. tariffs is forcing some Canadian companies with operations on both sides of the border to contemplate a difficult question: whether to shift production or relocate to the U.S. at a time when patriotic fervour is surging at home.<\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p data-async=\"\">Last week, Montreal-based TFI International Inc. came under scrutiny after announcing it planned to change its legal domicile to the U.S. The trucking and logistics firm cited its larger American shareholder base and the fact that 70 per cent of its operations are now south of the border, but the proposal drew the ire of the Caisse de Depot et Placement du Quebec, one of it\u2019s biggest shareholders.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_2\">\n<section aria-describedby=\"advertisment2566113520944994767926667128078336\" class=\"ad\">\n<p>Advertisement 2<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-2\">\n<div class=\"ad__inner__container\" data-ad=\"[[6,6],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"6x6\" data-ad-loc=\"2\" data-ad-mobile=\"[[6,6],[320,50],[300,50],[300,250],[300,600]]\" data-aqa=\"advertisement\" id=\"ad-2\" style=\"--desktopHeight:250px;--mobileHeight:600px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<div class=\"article-block article-block-bg article-content__sign-in-group hidden\" data-aqa=\"identity-sign-in\" data-async=\"\" id=\"article-block\">\n<section class=\"row\">\n<header class=\"identity-intro col-xs-12 col-md-6 flex-justify-center\">\n<div class=\"col-xs-12 col-sm-10 col-md-10\"><img decoding=\"async\" alt=\"Financial Post\" class=\"market-logo\" height=\"37\" loading=\"lazy\" src=\"https:\/\/dcs-static.gprod.postmedia.digital\/18.0.4\/websites\/images\/identity\/logo-identity-fp.svg\" width=\"280\"\/><\/p>\n<div class=\"intro-body__premium hidden\">\n<p>THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY<\/p>\n<p class=\"identity-intro__description\">Subscribe now to read the latest news in your city and across Canada.<\/p>\n<ul class=\"list-unstyled list-checkmark\">\n<li>Exclusive articles from Barbara Shecter, Joe O&#8217;Connor, Gabriel Friedman, and others.<\/li>\n<li>Daily content from Financial Times, the world&#8217;s leading global business publication.<\/li>\n<li>Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.<\/li>\n<li>National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.<\/li>\n<li>Daily puzzles, including the New York Times Crossword.<\/li>\n<\/ul>\n<\/div>\n<div class=\"intro-body__register hidden\">\n<p>SUBSCRIBE TO UNLOCK MORE ARTICLES<\/p>\n<p class=\"identity-intro__description\">Subscribe now to read the latest news in your city and across Canada.<\/p>\n<ul class=\"list-unstyled list-checkmark\">\n<li>Exclusive articles from Barbara Shecter, Joe O&#8217;Connor, Gabriel Friedman and others.<\/li>\n<li>Daily content from Financial Times, the world&#8217;s leading global business publication.<\/li>\n<li>Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.<\/li>\n<li>National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.<\/li>\n<li>Daily puzzles, including the New York Times Crossword.<\/li>\n<\/ul>\n<\/div>\n<div class=\"intro-body__anonymous\">\n<p>REGISTER \/ SIGN IN TO UNLOCK MORE ARTICLES<\/p>\n<p class=\"identity-intro__description\">Create an account or sign in to continue with your reading experience.<\/p>\n<ul class=\"list-unstyled list-checkmark\">\n<li>Access articles from across Canada with one account.<\/li>\n<li>Share your thoughts and join the conversation in the comments.<\/li>\n<li>Enjoy additional articles per month.<\/li>\n<li>Get email updates from your favourite authors.<\/li>\n<\/ul>\n<\/div>\n<div class=\"intro-body__registration_only hidden\">\n<p>THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.<\/p>\n<p class=\"identity-intro__description\">Create an account or sign in to continue with your reading experience.<\/p>\n<ul class=\"list-unstyled list-checkmark\">\n<li>Access articles from across Canada with one account<\/li>\n<li>Share your thoughts and join the conversation in the comments<\/li>\n<li>Enjoy additional articles per month<\/li>\n<li>Get email updates from your favourite authors<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/header>\n<div class=\"identity-screen m-x-0 p-x-0 col-xs-12 col-md-6 flex-justify-center flex-align-center\" aria-live=\"assertive\">\n<section class=\"sail\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-sailthru-personalization-engine=\"\" data-sailthru-personalization-engine-component=\"\"\/>\n<div class=\"m-x-0 p-x-0 col-xs-12 col-sm-6 col-md-12 flex-align-justify-center\" data-auth-component=\"\" id=\"auth-screen-form\">\n<div class=\"identity-screen-form--active w-full flex-align-justify-center\">\n<div class=\"identity-screen-form identity-screen__content w-full\">\n<h2 class=\"blocker-title\">Sign In or Create an Account<\/h2>\n<p><span class=\"identity-divider__line\"\/><span class=\"identity-divider__text\">or<\/span><span class=\"identity-divider__line\"\/><\/p>\n<\/div>\n<\/div>\n<\/div>\n<footer class=\"identity-footer identity-screen__content m-x-0 p-x-0 col-sm-6 col-md-12\"\/><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>\u201cWe will express our dissatisfaction,\u201d CDPQ spokesperson Kate Monfette said in an emailed statement to Bloomberg News. \u201cQuebec\u2019s interests are always at the heart of our priorities as a shareholder.\u201d<\/p>\n<p>On a Thursday conference call with analysts, TFI chief executive Alain Bedard defended the plan, which still requires shareholder approval, arguing operations would be \u201cbusiness as usual\u201d in the event of a shift.<\/p>\n<p>\u201cWe\u2019re not moving people from Canada to the U.S. We\u2019re not doing that. We\u2019re not stupid,\u201d he said.<\/p>\n<p>While TFI is retaining its headquarters in Canada and isn\u2019t planning on relocating staff or offices, Richard Powers, a professor at the University of Toronto\u2019s Rotman School of Management and the national academic director of the Directors Education Program, said in an email that if trucking contracts continue to decline in Canada, he could see an argument to support a bigger move.<\/p>\n<p data-async=\"\">\u201cThis is just one company, but it does demonstrate the frustration and disruption that is currently going on,\u201d said Powers. \u201cI suspect many firms are doing the numbers and trying to determine if a move makes sense financially \u2014 all within an environment with a weak Canadian dollar as well.\u201d<\/p>\n<\/section>\n<div class=\"js-widget-content article-content__widget-group article-content__widget-group--content-slot16 article-content__widget-group--newsletter-slot\">\n<section class=\"newsletter-widget__new-story-page fp-headlinenews background--primary-light-gradient\" aria-labelledby=\"FinancialPostTopStories2141634490563267575531329279754240\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-aqa=\"widget-newsletter\" data-newsletter=\"single\" data-newsletter-component=\"\" data-target-list=\"FP_HeadlineNews\" data-widget=\"newsletter\">\n<div class=\"newsletter-new-story-page-template\">\n<div class=\"newsletter-widget__header__new-story-page\">\n<div class=\"newsletter-widget__banner__new-story-page\"><img decoding=\"async\" alt=\"Top Stories\" loading=\"lazy\" src=\"https:\/\/dcs-static.gprod.postmedia.digital\/18.0.4\/websites\/images\/newsletters\/icon-fp-topStories.svg\"\/><\/div>\n<div>\n<p>Top Stories<\/p>\n<p class=\"newsletter-widget__text__new-story-page\">Get the latest headlines, breaking news and columns.<\/p>\n<\/div>\n<\/div>\n<div class=\"newsletter-widget__body__new-story-page\">\n<div class=\"js-replace-main__new-story-page\">\n<p class=\"newsletter-widget__disclaimer__new-story-page text-size--tiny\">By signing up you consent to receive the above newsletter from Postmedia Network Inc.<\/p>\n<\/div>\n<div class=\"js-submit-success\" hidden=\"\" id=\"submitSuccessFP_HeadlineNews\">\n<p>Thanks for signing up!<\/p>\n<p class=\"newsletter-widget__text__new-story-page\">A welcome email is on its way. If you don&#8217;t see it, please check your junk folder.<\/p>\n<p class=\"newsletter-widget__text__new-story-page newsletter__feedback--last\">The next issue of Top Stories will soon be in your inbox.<\/p>\n<\/div>\n<p class=\"newsletter-widget__text__new-story-page js-submit-error\" style=\"margin-top: 8px\" hidden=\"\" id=\"submitErrorFP_HeadlineNews\">We encountered an issue signing you up. Please try again<\/p>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_3\">\n<section aria-describedby=\"advertisment978844475482539816337434432503808\" class=\"ad\">\n<p>Advertisement 3<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-3\">\n<div class=\"ad__inner__container\" data-ad=\"[[7,7],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"7x7\" data-ad-loc=\"3\" data-ad-mobile=\"[[7,7],[300,250],[320,50],[300,50]]\" data-aqa=\"advertisement\" id=\"ad-3\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>A January survey from KPMG Canada indeed found that nearly half of Canadian business leaders had plans to shift investments or production to the U.S. to serve the U.S. market and reduce costs in the event that sweeping 25 per cent U.S. tariffs on Canadian goods are implemented, though so far few have followed through.<\/p>\n<p>\u201cI think the threat of tariffs have got Canadian companies exploring and investigating potential shifts in operations from Canada to the U.S., but I\u2019m yet to see a lot of tangible evidence of companies actually doing it at this stage,\u201d said Lachlan Wolfers, tax partner at KPMG in Canada.<\/p>\n<p>\u201cThere is such a high level of uncertainty about whether the tariff measures that have been announced represent the calm before the storm or the storm before the calm \u2014 in other words, will these measures actually be implemented or not.\u201d<\/p>\n<p>Wolfers said it wouldn\u2019t make sense for Canadian companies to shift their operations to the U.S. entirely if most of their customer base lies in Canada.<\/p>\n<p>He said that there are plenty of details that need to be evaluated first, like setting up new legal entities, hiring and transferring employees and the differences in cost structure when it comes to producing goods or services in a different country.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_4\">\n<section aria-describedby=\"advertisment2388642055177179172312896623345664\" class=\"ad\">\n<p>Advertisement 4<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-4\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"4\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-4\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>To make matters more complicated, these companies would also need to consider their next steps if these tariff measures were dropped by the next U.S. administration.<\/p>\n<p>\u201cIt\u2019s very difficult to make long-lasting investment decisions on the basis of the information that we know right now,\u201d Wolfers said. \u201cThese are not small changes to make in how a company operates and they\u2019re not insignificant to unwind later either.\u201d<\/p>\n<p data-async=\"\">Powers said an important sector to watch is the auto industry, pointing to automaker Stellantis Nv, which recently pumped the brakes on a retooling of its assembly plant in Brampton, Ont.<\/p>\n<p>\u201cThere are over 2,000 jobs at risk there,\u201d Powers said. \u201cWhile they have not said that this is because of potential tariffs, you have to think that this pause is really tied to that \u2014 and they (are waiting) until they know more.\u201d<\/p>\n<p>General Motors chief financial officer Paul Jacobson also recently said at a Barclays conference that the auto giant might have to consider moving plants if tariffs become permanent but that the company had not made a decision to do so yet. He did not specify whether he was talking about Canadian plants, Mexican plants, or both.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_5\">\n<section aria-describedby=\"advertisment9250214004110982204789646841348096\" class=\"ad\">\n<p>Advertisement 5<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-5\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"5\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-5\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p data-async=\"\">Swamy Kotagiri, chief executive officer of Magna International Inc., a Canadian parts manufacturer for automakers, said in a recent conference call with analysts that he\u2019s heard some of Magna\u2019s customers are considering shifting production to avoid U.S. tariffs.<\/p>\n<p>When asked about Magna\u2019s own flexibility to move production, Kotagiri said, \u201cWe\u2019re looking at that and we\u2019ll continue to look at that. But \u2026 this is not a switch that can be turned on and off in the short term, so I believe this (the tariffs) is going to be disruptive.\u201d<\/p>\n<p data-async=\"\">Robert Yalden, the inaugural holder of the Stephen Sigurdson professorship in corporate law and finance at the Faculty of Law of Queen\u2019s University, said that a landmark 2008 Supreme Court of Canada case held that directors of a company have a duty to do what is best for the corporation and may consider the interests of stakeholders \u2014 a group not limited to shareholders or bondholders \u2014 but are not required to do so.<\/p>\n<p>However, Yalden noted that companies still need to consider their practical need for capital and noted\u00a0there are remedies in corporate law, like Canada\u2019s oppression remedy,\u00a0which protects\u00a0shareholders, creditors and other complainants from oppressive conduct or conduct that disregards their interests.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_6\">\n<section aria-describedby=\"advertisment801924248152862060751979915771904\" class=\"ad\">\n<p>Advertisement 6<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-6\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"6\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-6\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>Richard Leblanc, professor of governance, law and ethics at York University, said that Canadian companies should proceed carefully, and not just bow to monetary or investor pressure.<\/p>\n<p>He said that having \u201ca knee-jerk reaction\u201d to tariffs by closing shop in Canada, moving to the United States and either terminating employees or compelling them to move, could lead to potential litigation from stakeholder groups, as well as public pressure and reputational issues.<\/p>\n<p>Plus, if a company is receiving any governmental assistance, it might require that employee labour contracts be honoured and that the company continue to be domiciled in Canada.<\/p>\n<section aria-labelledby=\"moreTopicLabel2783745019035670291123546072547328\" class=\"more-topic\" data-aqa=\"embed-more-topic\" data-carousel-component=\"\" data-carousel-icon-button=\"\" data-carousel-type=\"list\">\n<p>Recommended from Editorial<\/p>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-prev\" data-carousel-prev=\"\" tabindex=\"-1\" title=\"previous\" type=\"button\"\/><\/p>\n<ol class=\"more-topic__items list-unstyled\" data-carousel-slide-list=\"\" tabindex=\"0\">\n<li data-evt-val=\"{\" control_fields=\"\" will=\"\" pay=\"\" trump=\"\" tariffs=\"\" on=\"\" canadian=\"\" oil=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" alt=\"The Cenovus Energy Inc. Christina Lake oilsands facility, southeast of Fort McMurray, Alta.\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/0215-biz-wire-manufacturing-copy.jpg?h=96&amp;strip=all&amp;quality=80&amp;sig=9665EJ4r1zlDcw1ebyUSRA\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/0215-biz-wire-manufacturing-copy.jpg?h=96&amp;strip=all&amp;quality=5&amp;sig=04hIQP-ntADMyK0hARdngQ\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/0215-biz-wire-manufacturing-copy.jpg?h=96&amp;strip=all&amp;quality=80&amp;sig=9665EJ4r1zlDcw1ebyUSRA, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/0215-biz-wire-manufacturing-copy.jpg?h=192&amp;strip=all&amp;quality=80&amp;sig=Dj5uclqUXEfaSUyBINgJOg 2x,&#10;                                             https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/0215-biz-wire-manufacturing-copy.jpg?h=288&amp;strip=all&amp;quality=80&amp;sig=0YOI6WEmZylMFqhGhk2ZqA 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">Who will pay Trump&#8217;s tariffs on Canadian oil?<\/span><\/p>\n<\/li>\n<li data-evt-val=\"{\" control_fields=\"\" the=\"\" digital=\"\" services=\"\" tax=\"\" survive=\"\" trump=\"\" tariffs=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" alt=\"United States President Donald Trump in the Oval Office at the White House in Washington, D.C. \" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/no0214trump-1.jpg?h=96&amp;strip=all&amp;quality=80&amp;sig=8bGvF9dxqMSJ1rpVroVr7w\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/no0214trump-1.jpg?h=96&amp;strip=all&amp;quality=5&amp;sig=9zHZ-uniYvNSANeUIZAeww\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/no0214trump-1.jpg?h=96&amp;strip=all&amp;quality=80&amp;sig=8bGvF9dxqMSJ1rpVroVr7w, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/no0214trump-1.jpg?h=192&amp;strip=all&amp;quality=80&amp;sig=M4-9y6XicDEEkoLMxJo32Q 2x,&#10;                                             https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/no0214trump-1.jpg?h=288&amp;strip=all&amp;quality=80&amp;sig=D2LRABPtQXmnUJ0AlFPaYA 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">Will the Digital Services Tax survive Trump&#8217;s tariffs?<\/span><\/p>\n<\/li>\n<li data-evt-val=\"{\" control_fields=\"\" is=\"\" the=\"\" minimis=\"\" exemption=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" alt=\"Workers producing garments at a textile factory that supplies clothes to fast fashion e-commerce company Shein in Guangzhou, China.\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/no0212shein.jpg?h=96&amp;strip=all&amp;quality=80&amp;sig=VELityY-g20M7t5yqQNcEg\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/no0212shein.jpg?h=96&amp;strip=all&amp;quality=5&amp;sig=noULqp4ZEc4Ms61nGe5vxA\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/no0212shein.jpg?h=96&amp;strip=all&amp;quality=80&amp;sig=VELityY-g20M7t5yqQNcEg, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/no0212shein.jpg?h=192&amp;strip=all&amp;quality=80&amp;sig=ED9eG0p8Ni21FyAsJpRoDg 2x,&#10;                                             https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/no0212shein.jpg?h=288&amp;strip=all&amp;quality=80&amp;sig=NDncVx5nOZjKRzUs3n9zzQ 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">What is the \u2018de minimis\u2019 exemption?<\/span><\/p>\n<\/li>\n<\/ol>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-next\" data-carousel-next=\"\" tabindex=\"-1\" title=\"next\" type=\"button\"\/><\/section>\n<p>\u201cWhat we don\u2019t want is a hollowing-out of corporate Canada because of President Trump,\u201d Leblanc cautioned. \u201cI think there are more shoes to drop here and I\u2019m cautioning my board clients to think very carefully, even about considering, or disclosing publicly that you\u2019re considering (redomiciling).\u201d<\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<section class=\"article-content__share-group article-delimiter\" data-evt-val=\"{\" control_fields=\"\" data-evt-typ=\"page_scroll\">\n<p>Share this article in your social network<\/p>\n<\/section>\n<\/div>\n\n<br \/>Some Canadian companies are considering relocating to the U.S.<\/a><br \/>\n<br \/>2025-02-24 18:57:04<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Breadcrumb Trail Links News Economy Montreal-based TFI International Inc. just announced it was changing its legal domicile to the U.S. Published Feb 24, 2025 \u00a0\u2022\u00a0 Last updated 3\u00a0minutes ago \u00a0\u2022\u00a0&#8230;<\/p>\n","protected":false},"author":2,"featured_media":56616,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[],"class_list":["post-56615","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy"],"_links":{"self":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/56615","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/comments?post=56615"}],"version-history":[{"count":0,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/56615\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media\/56616"}],"wp:attachment":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media?parent=56615"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/categories?post=56615"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/tags?post=56615"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}