08:04:07 EDT Sat 18 May 2024
Enter Symbol
or Name
USA
CA



Meta CDR (CAD Hedged)
Symbol META
Shares Issued 5,600,000
Close 2023-11-30 C$ 18.46
Market Cap C$ 103,376,000
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Globe says Meta, rivals hear tax reform in the works

2023-12-01 08:30 ET - In the News

Also In the News (C-GOOG) Alphabet Inc CDRs (CAD Hedged)

The Globe and Mail reports in its Friday edition that Ottawa is looking closely at tax reform to encourage businesses to shift advertising from Meta, Alphabet's Google and other foreign tech platforms, back to Canadian media, Heritage Minister Pascale St-Onge told a Commons committee on Thursday. The Globe's Marie Wolf writes that the government is examining reforms to the Income Tax Act to strip away incentives to advertise with foreign platforms, which mean that Canadian newspapers and broadcasters lose out. The move to further help the media follows a deal struck by Ms. St-Onge with Google on Wednesday, which will lead to an annual $100-million cash injection into Canadian print, digital and broadcast media. Ms. St-Onge said the deal with Google was "the first step" in help for the news industry, which has seen closings and job losses. Ms. St-Onge said the government is looking "very seriously" at how to encourage people to advertise on Canadian news outlets, including through the tax system. She said reform of tax rules on deducting the cost of advertising "is one solution that we are considering to better support the sector, but also to encourage people to advertise mostly via our Canadian news outlets."

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