On 21 September 2007, the Honourable Jim Flaherty, Minister of Finance and Henry M. Paulson, Jr., US Secretary of the Treasury, signed a protocol to the Canada-Us Tax Treaty. This is the fifth protocol and represents almost 10 years of negotiation. If ratified in 2007, it will become effective 1 January 2008. The Backgrounder published by the Canadian Department of Finance highlights the significant changes as follows:
Elimination of withholding tax on interest…