Canada Enacts Important Updates to the Canada-U.S. Tax Treaty
The following News Release or Speech has just been posted on the Finance Canada Site
December 14, 2007
2007-100The Honourable Jim Flaherty, Minister of Finance, today announced that, as a result of Bill S-2 having received Royal Assent, Canada has now completed the steps required in this country to give effect to the fifth Protocol to the Canada-United States Income Tax Convention. The Protocol will come into effect once it has been ratified by the United States and the two countries have formally notified each other that their procedures are complete.
“Modernizing this long-standing treaty will encourage further trade and investment in Canada and the United States and help us to better compete in the global economy,” said Minister Flaherty. “I am hopeful that the U.S. will soon ratify the Protocol so that individuals and businesses on both sides of the border, including manufacturers, can realize the significant benefits of the updated treaty.”
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