On 10 July 2008, the Minister of Finance indicated Canada's agreement with the US Treasury Department's technical explanation to the fifth protocol to the Canada-US tax treaty. Canada ratified the protocol on 14 December 2007, when Bill S-2 received Royal Assent.

It is the usual practice of the US 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 US 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 appli…