US tariffs and Canada · Strature analysis, not from the brief
US tariffs and Canada: what is at stake for Bermuda
Bermuda books C$25.9bn of direct investment in Canada; on an ultimate-investor basis its position is C$6.9bn. Canadian investment in Bermuda is C$141.0bn. A conduit centre, capped at Low.
C$25.9bn
Booked to Bermuda, immediate-investor basis (2025)
C$6.9bn
Controlled from Bermuda, ultimate-investor basis (2025)
C$141bn
Canadian direct investment in Bermuda (2025)
5.4
Canadian investment in Bermuda as a multiple of Bermuda's in Canada (2025)
Read the full panel
Risks
- On an ultimate-investor basis Bermuda's position is C$6.9bn, 26.6% of the C$25.9bn booked to it: most of the tariff exposure sits with investors elsewhere.
- Canadian-managed capital is also booked through Bermuda: four listed Brookfield partnerships are registered there (press report, 2025). Booking location does not change the US access of the assets beneath. Estimate from press or commentary
- Bermuda's 15% corporate income tax has applied since 1 Jan 2025 to groups with revenue of EUR 750m or more. We have not assessed any investor's tax position.
Opportunities
- Canada's C$141.0bn position in Bermuda is 5.4 times Bermuda's in Canada: far more Canadian capital is booked there than comes back.
- Holdings booked to Bermuda grew from C$17.7bn in 2015 to C$25.9bn in 2025.
Uncertainties
- Who stands behind the holdings booked to Bermuda but controlled elsewhere is not published.
- How the holdings booked to Bermuda move during the tariff dispute will show only in Statistics Canada's next annual release.
What to watch
- Apr 2027Statistics Canada's next annual direct investment release, by immediate and ultimate investor.
- QuarterlyStatistics Canada's quarterly international investment position, for Canada-wide totals (it has no direct investment detail by country).
- 30 Sep 2027F-0173 resolves: US tariffs still above their 2024 level.
Exposure by lens
| Lens | Figure | Band | Published line |
|---|---|---|---|
| Capital in CanadaCapital and finance | C$25.9bn 2025Direct investment position in Canada (book value, immediate investor country) | Low | High ≥C$100bn · Medium C$25bn–C$100bn · Low C$10bn–C$25bn, or a pledge with nothing found placed |
Bands follow the published materiality lines for this theme. A low-confidence figure alone caps a band at Medium.
Immediate investor: the country where the investment is booked. Ultimate investor: the country of the company that controls it.
Drawn to scale from zero. Source: Statistics Canada, Table 36-10-0008-01, International investment position, Canadian direct investment abroad and foreign direct investment in Canada, by country, annual (book value); Statistics Canada, Table 36-10-0433-01, International investment position, Canadian direct investment abroad and foreign direct investment in Canada by ultimate investor country, annual (book value).
Briefs and questions
- C-006 F-0173 A lasting break: US tariffs still above their 2024 level, 92%, our estimate, scored when it resolves.
Sources cited
- Statistics Canada, Table 36-10-0008-01, International investment position, Canadian direct investment abroad and foreign direct investment in Canada, by country, annual (book value) (2025; retrieved 6 Oct 2026)
- Statistics Canada, Table 36-10-0433-01, International investment position, Canadian direct investment abroad and foreign direct investment in Canada by ultimate investor country, annual (book value) (2025; retrieved 6 Oct 2026)
- EY, Bermuda Corporate Income Tax (CIT) (from 1 Jan 2025; retrieved 6 Oct 2026)
Estimates from press or commentary
- CTV News, More Brookfield business entities registered to Bermuda building (2 Apr 2025) (2025; retrieved 6 Oct 2026)
Our calculations
- Canadian direct investment position in Bermuda as a multiple of Bermuda's position in Canada: 5.4 times (= Canadian position in the country / the country's position in Canada)
- Ultimate-investor position as a share of the immediate-investor position in Canada: 26.6% (= ultimate-investor position / immediate-investor position × 100)
- Share of all foreign direct investment in Canada booked to the country (immediate basis): 1.6% of FDI in Canada (= immediate-investor position / all FDI in Canada × 100)
Strature analysis, not from the brief: researched by Strature from public sources and kept in our country dossier, updated 6 Oct 2026. General research, not advice. Who is exposed to the US tariffs and Canada