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The Real Economy Canada: Spring 2025

March 11, 2025

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Uncertainty appears to be the theme of 2025 for Canadian businesses. RSM Canada's economists and analysts examine the economic vulnerabilities exposed by U.S. tariffs along with a look at how disruptions would affect both Canada and the U.S. due the interconnected nature of trade and supply chains.

Even the notion of new U.S. tariffs casts trade uncertainty over Canadian businesses.
Tu Nguyen, Economist, RSM Canada

Also, this edition of The Real Economy Canada explores how changes to federal tax incentives could support businesses and how the second Trump administration could affect Canadian real estate.

Explore our latest economic insights:

Perspective
U.S. tariffs expose vulnerability of Canada’s manufacturing sector
Tariffs could severely affect Canada’s manufacturing sector due to Canada’s reliance on the U.S. market and the interconnectedness of supply chains.
Read more
The Real EconomyEconomics Manufacturing
The Real EconomyEconomics
Perspective
Tariffs could fray Canada-U.S. ties in energy and auto manufacturing
Examining Canada’s energy and auto manufacturing sectors, the highest exports to the U.S., illustrates how tariffs could affect both countries.
Read more
The Real EconomyEnergyManufacturing
The Real EconomyEnergy
Article
Expanding SR&ED tax incentives creates investment opportunities
Description – businesses, but ongoing political uncertainty means revisions could be stalled.
Read more
The Real Economy
The Real Economy
Article
Trump's return to office: A spotlight on Canadian real estate
Trump's re-election could greatly impact Canadian real estate, from trade policies to housing affordability. Read on for strategies to mitigate risks.
Read more
Business taxFederal tax
Business taxFederal tax
Perspective
U.S. tariffs expose vulnerability of Canada’s manufacturing sector
Tariffs could severely affect Canada’s manufacturing sector due to Canada’s reliance on the U.S. market and the interconnectedness of supply chains.
Read more
The Real EconomyEconomics Manufacturing
The Real EconomyEconomics
Perspective
Tariffs could fray Canada-U.S. ties in energy and auto manufacturing
Examining Canada’s energy and auto manufacturing sectors, the highest exports to the U.S., illustrates how tariffs could affect both countries.
Read more
The Real EconomyEnergyManufacturing
The Real EconomyEnergy
Article
Expanding SR&ED tax incentives creates investment opportunities
Description – businesses, but ongoing political uncertainty means revisions could be stalled.
Read more
The Real Economy
The Real Economy
Article
Trump's return to office: A spotlight on Canadian real estate
Trump's re-election could greatly impact Canadian real estate, from trade policies to housing affordability. Read on for strategies to mitigate risks.
Read more
Business taxFederal tax
Business taxFederal tax

RSM contributors

Special Report

The RSM Middle Market Sustainability Survey 2024: U.S. and Canada

Numerous regulations are making sustainability a larger compliance issue.

Tax incentives are one part of companies’ broader decarbonization efforts.

Training is the most common action taken toward compliance, but also the top hurdle.

Check out the full report

Subscribe to The Real Economy Canada:

An economic outlook for Canada and insights into key issues Canadian businesses are facing today

 

Also from The Real Economy Canada:

Read more insights from recent issues of our quarterly economic report
Article
Expanding SR&ED tax incentives creates investment opportunities
Description – businesses, but ongoing political uncertainty means revisions could be stalled.
Read more
The Real Economy
The Real Economy
Perspective
U.S. tariffs expose vulnerability of Canada’s manufacturing sector
Tariffs could severely affect Canada’s manufacturing sector due to Canada’s reliance on the U.S. market and the interconnectedness of supply chains.
Read more
The Real EconomyEconomics Manufacturing
The Real EconomyEconomics
Perspective
Tariffs could fray Canada-U.S. ties in energy and auto manufacturing
Examining Canada’s energy and auto manufacturing sectors, the highest exports to the U.S., illustrates how tariffs could affect both countries.
Read more
The Real EconomyEnergyManufacturing
The Real EconomyEnergy
Perspective
Global economic outlook for 2025
Global growth in 2025 will expand at a modest 2.5% pace as the sluggish recovery from the pandemic continues, according to our forecast.
Read more
The Real EconomyEconomics
The Real EconomyEconomics
Perspective
The year ahead in Canada: A return to growth as rate cuts take hold
Price stability will fuel economic expansion in 2025 as the Bank of Canada reduces interest rates to a low of 2.75 per cent within the first half of the year.
Read more
The Real EconomyEconomics
The Real EconomyEconomics
Perspective
Canadian firms in an era of a higher cost of capital
Even with the recent uptick in hiring, the Canadian economy remains in a slump, with sparse activity in the financial markets, slow hiring and lacklustre investments.
Read more
The Real EconomyEconomics
The Real EconomyEconomics
Article
Expanding SR&ED tax incentives creates investment opportunities
Description – businesses, but ongoing political uncertainty means revisions could be stalled.
Read more
The Real Economy
The Real Economy
Perspective
U.S. tariffs expose vulnerability of Canada’s manufacturing sector
Tariffs could severely affect Canada’s manufacturing sector due to Canada’s reliance on the U.S. market and the interconnectedness of supply chains.
Read more
The Real EconomyEconomics Manufacturing
The Real EconomyEconomics
Perspective
Tariffs could fray Canada-U.S. ties in energy and auto manufacturing
Examining Canada’s energy and auto manufacturing sectors, the highest exports to the U.S., illustrates how tariffs could affect both countries.
Read more
The Real EconomyEnergyManufacturing
The Real EconomyEnergy
Perspective
Global economic outlook for 2025
Global growth in 2025 will expand at a modest 2.5% pace as the sluggish recovery from the pandemic continues, according to our forecast.
Read more
The Real EconomyEconomics
The Real EconomyEconomics
Perspective
The year ahead in Canada: A return to growth as rate cuts take hold
Price stability will fuel economic expansion in 2025 as the Bank of Canada reduces interest rates to a low of 2.75 per cent within the first half of the year.
Read more
The Real EconomyEconomics
The Real EconomyEconomics
Perspective
Canadian firms in an era of a higher cost of capital
Even with the recent uptick in hiring, the Canadian economy remains in a slump, with sparse activity in the financial markets, slow hiring and lacklustre investments.
Read more
The Real EconomyEconomics
The Real EconomyEconomics

The Real Economy Blog

Providing timely economic insights for your business
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Year ahead in Canada: Return to growth as rate cuts take hold
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