Canadian trucking giant TFI International Inc. has reversed its decision to relocate its legal headquarters to the United States following strong opposition from shareholders, particularly the influential Caisse de Depot et Placement du Quebec, one of the company’s largest investors.
TFI International, based in Montreal, had announced plans last week to change its domicile to the U.S., a decision driven by the company’s substantial operations in the country—about 70% of its activities are now based in the U.S. after several years of acquisitions. In 2024, TFI closed a $1.1 billion purchase of Daseke Inc., a Texas-based trucking company, further solidifying its American presence.
However, the announcement prompted a swift backlash, particularly from the Caisse de Depot et Placement du Quebec, a major public pension manager with a mandate to support Quebec’s economic development. The Caisse expressed dissatisfaction, indicating that TFI had not sufficiently consulted its stakeholders before making such a significant move.
TFI’s CEO, Alain Bedard, sought to reassure investors, emphasising that the change in domicile was largely a response to regulatory needs and would not affect the company’s day-to-day operations. “It’s business as usual,” Bedard said during a conference call. “We’re not moving people from Canada to the U.S. We’re not doing that. We’re not stupid.”
The controversy comes at a time when Canadian sentiment is running high due to U.S. President Donald Trump’s trade policies, which have sparked nationalist fervour in Canada. Many Canadians have reacted by boycotting U.S. products and instead supporting domestically produced goods. For example, Kraft Heinz Co. aired an ad during the Canadian Super Bowl broadcast that highlighted its Canadian-sourced products, using the tagline, “Made by Canadians. For Canadians.”
TFI International, which ranks as the fourth-largest for-hire carrier in North America and the fifth-largest less-than-truckload carrier, had hoped that moving its legal headquarters to the U.S. could help the company gain inclusion into U.S. stock indexes. This move followed a similar decision by Brookfield Asset Management Ltd., which shifted its head office from Toronto to New York last year.
Despite the failed relocation, Bedard mentioned that TFI’s expansion into the U.S. market continues, and the company will look for ways to navigate issues such as its business with the U.S. Department of Defense, which has been complicated by its foreign ownership.
Following the reversal, TFI remains focused on maintaining its market position in both Canada and the U.S., continuing to serve its clients without major disruptions to its operations or corporate structure.
