The question is on the motion. Is it the pleasure of the House to adopt the motion?
An Act to amend the Canada-United States Tax Convention Act, 1984
This bill was last introduced in the 39th Parliament, 2nd Session, which ended in September 2008.
This bill was last introduced in the 39th Parliament, 2nd Session, which ended in September 2008.
This bill has received Royal Assent and is now law.
This is from the published bill. The Library of Parliament often publishes better independent summaries.
This enactment amends the Canada-United States Tax Convention Act, 1984 to implement a Protocol that amends the Convention between Canada and the United States of America with Respect to Taxes on Income and on Capital and adds Annexes A and B to it. The major change contained in the Protocol is the elimination of all withholding tax on cross-border payments of interest. The elimination is immediate for arm’s length payments of interest and phased in over three years for non-arm’s length payments. Other changes to the Convention include new rules for the treatment of “limited liability companies” (LLCs), pensions, stock options, corporate continuances and taxpayers who change residence from one country to the other. Annex A to the Convention clarifies the interpretation of a number of provisions of the Convention. Annex B to the Convention provides for a binding arbitration procedure.
All sorts of information on this bill is available at LEGISinfo, an excellent resource from the Library of Parliament. You can also read the full text of the bill.
Canada-United States Tax Convention ActGovernment Orders
November 26th, 2007 / 4:50 p.m.
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Conservative
The Acting Speaker Conservative Royal Galipeau
The question is on the motion. Is it the pleasure of the House to adopt the motion?
Canada-United States Tax Convention ActGovernment Orders
November 26th, 2007 / 4:50 p.m.
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Some hon. members
Agreed.
Canada-United States Tax Convention ActGovernment Orders
November 26th, 2007 / 4:50 p.m.
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An hon. member
On division.
Canada-United States Tax Convention ActGovernment Orders
November 26th, 2007 / 4:50 p.m.
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Conservative
The Acting Speaker Conservative Royal Galipeau
I declare the motion carried. Accordingly, this bill is referred to the Standing Committee on International Trade.
(Motion agreed to, bill read the second time and referred to a committee)