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Ottawa collects extra $617M from import duties in March as counter-tariffs hit U.S.

  • Craig Lord

    Craig Lord

  • Canadian Press

  • June 2, 2025

The federal government posted a $6.5 billion deficit in the first two months of the fiscal year. The Peace Tower on Parliament Hill in Ottawa is seen past construction cranes, ahead of Parliament's Monday return on Sunday, May 25, 2025. THE CANADIAN PRESS/Justin Tang

OTTAWA -- Ottawa collected an extra $617 million in import duties this past March compared to a year earlier as counter-tariffs against U.S. trade restrictions came into effect.

The federal government's latest fiscal monitor report, published late last week, shows revenues from customs import duties topped $1 billion in March, more than double the figure from a year earlier.

In March the federal government slapped retaliatory tariffs on billions of dollars in U.S. goods entering Canada -- costs that are paid by Canadian businesses importing the items.

The Liberal party projected during the recent federal election campaign that counter-tariffs against the United States would raise an estimated $20 billion over 12 months.

Finance Minister Francois-Philippe Champagne said in an interview with CBC last week that the figure in the Liberal platform was "a projection at a moment in time" and noted the tariff situation has been changing rapidly.

The Liberals are forgoing publishing a spring budget but have promised a fiscal update in the fall.

This report by The Canadian Press was first published June 2, 2025.