Canada Supports U.S. Technical Explanation of the Fifth Protocol to the Canada-United States Income Tax Convention

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The following News Release or Speech has just been posted on the Finance Canada Site

Ottawa, July 10, 2008
2008-052

The Honourable Jim Flaherty, Minister of Finance, today indicated Canadian agreement with the United States Treasury Department’s Technical Explanation to the Fifth Protocol to the Canada-United States Tax Convention. Canada ratified the Protocol on December 14, 2007, when Bill S-2 received Royal Assent.

It is the usual practice of the U.S. Treasury Department to prepare a technical explanation of tax treaties and protocols subject to formal ratification. While it is not customary for Canada to issue such an explanation, Canada was given an opportunity to review and comment on the U.S. document. The Minister indicated that Canada agrees that the Technical Explanation accurately reflects understandings reached in the course of negotiations with respect to the interpretation and application of the various provisions in the Protocol.

The United States Treasury Department’s Technical Explanation to the Fifth Protocol amending the Canada-United States tax convention can be accessed at http://www.treas.gov/press/releases/hp1076.htm.

___________________________________
For further information, media may contact:
Chisholm Pothier
Press Secretary
Office of the Minister of Finance
613-996-7861

Jack Aubry
Media Relations
Department of Finance
613-996-8080

SOURCE: Dept of Finance Newsroom

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