Get a free, no obligation personal loan quote with rates as low as 6.99%
Get Started You can apply with no effect to your credit score

On Tuesday, November 8, 2016, Donald Trump was elected the 45th President of the United States. It was a surprise to many and left the majority of people wondering how will a Trump presidency affect them? Let’s take a look at how President Trump, his positions on important issues, and his policies may affect us in Canada.

Real Estate

Throughout the election, many Americans jokingly (or not so jokingly) proclaimed that they would be moving to Canada if Trump were elected. Possibly, as a result, it became a worry of many that real estate prices would then skyrocket because of the increase in demand for homes from all the Americans moving in. This idea is, of course, an exaggeration, do we know if any Americans have actually packed up their bags and headed north yet? Most real estate experts have dispelled this idea and believe that prices will continue to rise for the same reasons prices have been on the rise for the past year.

Trade

Trade, could arguably be one of the biggest ways Canada will be affected by a Trump presidency as he was very vocal during his campaign about wanting to renegotiate the North American Free Trade Agreement (NAFTA). Trump was adamant about canceling NAFTA if it was not renegotiated. While he does, in fact, the power to do so, it wouldn’t be quite as simple as some fear it is, as there are of course many other issues and agreements at play. The reason why Canada would be so greatly affected by a canceled or changed NAFTA is because ¾ of our exports are shipped to our southern neighbours.

Climate Change

Trump’s stance on climate change is worrisome to not only Canada as he often refuses to accept the scientific fact that climate change is a real issue that must be addressed. Canada and the U.S. have extensively worked together in the past to address the issue of climate change and currently work together on several climate projects. Should Trump decide to eliminate those projects, it’s unclear how Canada would be able to handle them on its own.

Let’s take a look at some of the statements and promises Trump has made concerning climate change during his campaign:

  • He plans to remove the U.S. from any international climate agreements.
  • He wants to get rid of President Obama’s greenhouse-gas policies.
  • He also plans to “gut” the U.S. Environmental Protection Agency.
  • He’s spoken about disassembling the Paris Agreement (a United Nations climate change agreement).

If you’re interested in hearing more about what Trump has to say about climate change, here’s a link to all his tweets concerning the issue.

Defense

All members of NATO have pledged to spend 2% of their GDP on military expenses. Currently, not all countries have been able to meet this pledge and Trump believes that’s those who have not spent the 2% should be left to “defend themselves”. The reason that this may be an issue for Canada is because we are nowhere near close to meeting the 2% requirement.

Refugees

It’s no secret that Trudeau and Trump have very different views and ideas concerning refugees, especially those from Syria. Trudeau welcomed them into Canada at the airport, Trump has had nothing but disparaging comments to make about them.

The main issues here could be national security and potentially the border between the U.S. and Canada. While it’s not clear as of now how these two differing points of view will affect Canadian and American relations, it’s safe to say that there may be some issues in the future.

The Keystone XL Pipeline

The Keystone XL pipeline, which was rejected by President Obama in 2015, is another issue that may affect Canada. Trump said during his campaign that he is for the construction of the pipeline, but of course only if the U.S. is able to financially benefit from it. While both Canadians and Americans are split on their opinions of the pipeline, Trudeau has in the past supported the construction of the pipeline. It will, to say the least, be interesting to see how this issue plays out over the next 4 years.

Caitlin Wood, BA avatar on Loans Canada
Caitlin Wood, BA

Caitlin Wood is the Editor-in-Chief at Loans Canada and specializes in personal finance. She is a graduate of Dawson College and Concordia University and has been working in the personal finance industry for over eight years. Caitlin has covered various subjects such as debt, credit, and loans. Her work has been published on Zoocasa, GoDaddy, and deBanked. She believes that education and knowledge are the two most important factors in the creation of healthy financial habits. She also believes that openly discussing money and credit, and the responsibilities that come with them can lead to better decisions and a greater sense of financial security.

More From This Author

Special Offers

More From Our Experts

https://loanscanada.ca/wp-content/uploads/2023/09/GlobeMailTopCompanies2023-1.png
Loans Canada places No. 228 on The Globe and Mail’s fifth-annual ranking of Canada’s Top Growing Companies.

By Caitlin Wood, BA
Published on September 29, 2023

Loans Canada is excited to announce it has made it onto the Globe and Mail’s Top Growing Companies list for the second year in a row.

https://loanscanada.ca/wp-content/uploads/2023/09/Finder-Awards.png
Finder Awards Finalists: Personal Loans Customer Satisfaction Awards 2023

By Priyanka Correia, BComm

Loans Canada is happy to announce it received the finalist award in the Best Personal Loan Search Platform category.

https://loanscanada.ca/wp-content/uploads/2016/12/caution-1.jpg
Beware of Fraudulent Lenders Impersonating Loans Canada

By Caitlin Wood, BA

A note to our clients about fraudulent lending practices and illegal upfront fees.

https://loanscanada.ca/wp-content/uploads/2022/10/How-To-Pay-Your-Taxes-With-A-Credit-Card-Through.png
How To Pay Your Income Taxes With A Credit Card

By Lisa Rennie

If you’d like to pay your taxes using a credit card, you’ll need to use a third-party service provider like Plastiq or PaySimply.

https://loanscanada.ca/wp-content/uploads/2021/08/Climate-Action-Incentive-CAI-1.png
What Is The Canada Carbon Rebate (CCR)?

By Bryan Daly

The Climate Action Incentive Payment (CAIP), or Carbon Tax Rebate, is quarterly benefit paid to eligible Canadians in

https://loanscanada.ca/wp-content/uploads/2021/03/Canada-Workers-Benefit-CWB.png
Can You Claim The Canada Workers Benefit (CWB) In 2024?

By Bryan Daly

The Canada Workers Benefit is a refundable tax credit for individuals earning a low taxable income of $3,000 - $24,112.

https://loanscanada.ca/wp-content/uploads/2020/12/Student-Tax-Credits-and-Deductions.png
Student Tax Credits In Canada

By Chrissy Kapralos

Similar to how there are specific tax credits and deductions for businesses, seniors, and parents, there are student tax credits in Canada.

https://loanscanada.ca/wp-content/uploads/2021/04/Pay-Less-Taxes-Canada.png
How To Pay Fewer Taxes In Canada

By Bryan Daly

People are always trying to figure out how to save money on taxes in Canada. We present the best ways to legally pay less tax in Canada.

Recognized As One Of Canada's Top Growing Companies

Loans Canada, the country's original loan comparison platform, is proud to be recognized as one of Canada's fastest growing companies by The Globe and Mail!

Read More

Why choose Loans Canada?

Apply Once &
Get Multiple Offers
Save Time
And Money
Get Your Free
Credit Score
Free
Service
Expert Tips
And Advice
Exclusive
Offers

Build Credit For Just $10/Month

With KOHO's prepaid card you can build a better credit score for just $10/month.

Koho Prepaid Credit Card