Ottawa, December 15, 2008
The Honourable Jim Flaherty, Minister of Finance, today announced that the fifth Protocol updating the treaty between Canada and the United States with respect to taxes on income and on capital, signed by Minister Flaherty and Secretary of the Treasury Henry M. Paulson, Jr. on September 21, 2007, entered into force today.
"The entry into force of this updated treaty with our largest trading partner will benefit individuals and businesses on both sides of the border, including manufacturers," said Minister Flaherty. "The increased trade and investment that it will induce is particularly timely given uncertain global economic conditions."
The treaty was first signed on September 26, 1980, and has been updated on four previous occasions -- June 14, 1983, March 28, 1984, March 17, 1995 and July 29, 1997. Key measures of the updated treaty include:
For further information, media may contact:
Office of the Minister of Finance
Department of Finance
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