Canada Revenue Agency refunds $148M to 30 US companies after scrapping digital services tax

The Canada Revenue Agency (CRA) is returning $148 million, along with $4 million in interest, to 30 US-based companies following the repeal of Canada's digital services tax (DST). The DST, a 3% levy on large tech firms' digital revenue, was in effect for a limited period and collected a total of $647 million. Of this, $358 million was used to offset existing tax liabilities, leaving $289 million available for refunds. US companies accounted for approximately $148.2 million of the total collected. The tax targeted companies with global revenues of at least 750 million euros and Canadian digital revenue over $20 million. Its repeal, which received royal assent on March 26, 2026, was a result of trade negotiations, as the US had argued the tax discriminated against American firms. While the CRA has not publicly identified all recipients, companies like Coinbase had previously noted the DST as a financial impact, which has now been reversed.

(Source：Crypto Briefing)