Go to the Globe and Mail homepage

Jump to main navigationJump to main content

AdChoices

Ottawa dishes out millions in early softwood refunds Add to ...

The federal government has disbursed an initial $950-million in softwood lumber duty refunds to Canadian companies, as outlined in a trade deal with the United States, the Trade and Industry Ministries said yesterday. Ottawa has created a special mechanism through Export Development Canada to speed up the cash payments to companies while it awaits the official refund from Washington. Tembec Inc. said yesterday it has received $242-million (U.S.) of its duty refund, which represents "substantially all" of the funds it expects to be returned. "The refunds are going out ahead of schedule, and companies can realize the benefits of this agreement," said Trade Minister David Emerson. The deal calls for total duty refunds of $4.3-billion of the $5.3-billion in U.S. duties Canadian producers paid during the trade dispute. TBC (TSX) rose 5 cents to $1.43. Reuters

Report Typo/Error

Follow us on Twitter: @GlobeBusiness

 

Next story

loading

In the know

The Globe Recommends

loading

Most popular videos »

Highlights

More from The Globe and Mail

Most popular