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Canadian Business Uncertainty Grows Amidst Political Upheaval, US Shows More Clarity

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Bank of Montreal highlights that Canada's political instability is creating more uncertainty for businesses compared to the United States. CEOs of major Canadian lenders predict 2025 as a year of challenges, including global political uncertainty, increased mortgage competition, and stricter anti-money laundering rules. While U.S. businesses faced uncertainty last year, the election outcome and Trump's pro-growth agenda have brought more clarity. Canadian businesses, however, are grappling with Prime Minister Trudeau's resignation and the upcoming election, leading to hesitation in capital deployment and growth planning. Bank executives express concern about the potential impact of escalating trade tensions and tariffs.

Upheaval in Canada’s federal government is throwing the country’s businesses into greater uncertainty than their peers in the United States, according to Bank of Montreal

“There’s a lot less uncertainty in the United States today than there was a year ago. Set aside the drama, there’s clearly a pro-growth agenda that people are signing up for,” Mr. White said. “We’re still trying to figure out the objective of that rhetoric. There is a lot of opportunity to work together to create better economies and better integration, and I don’t believe that tariffs achieve that. I think that tariffs can do a lot of damage.”In October, Toronto-Dominion Bank pleaded guilty to conspiracy to commit money laundering, prompting a suite of severe penalties from U.S. regulators and law enforcement, including a US$3-billion fine.

“I look forward to an active season, but our goal is to make sure that we are growing profitably and continuing to take market share as we go forward,” Mr. Chun said.

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