Friends of Canadian Media calls once again on government to close advertising tax loophole

Six years after Friends of Canadian Broadcasting (recently renamed as Friends of Canadian Media) raised the flag on a federal tax loophole that allows Canadian businesses to claim tax deductions for advertising on foreign digital media such as Facebook and Google, the not-for-profit organization is bringing attention to the issue again through a new study that claims more than $13 billion in ad revenues are being extracted from the Canadian economy annually due to the tax loophole. While Canadian businesses can claim the cost of advertising on foreign digital media as a tax deduction, they can’t do the same for their advertising spend on...