Bill S-2 (Historical)

An Act to amend the Canada-United States Tax Convention Act, 1984

This bill is from the 39th Parliament, 2nd session, which ended in September 2008.

Status

This bill has received Royal Assent and is now law.

Summary

This is from the published bill.

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.

Elsewhere

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.

Bill numbers are reused for different bills each new session. Perhaps you were looking for one of these other S-2s:

S-2 (2021) An Act to amend the Parliament of Canada Act and to make consequential and related amendments to other Acts

S-2 (2020) An Act to amend the Chemical Weapons Convention Implementation Act

S-2 (2016) Law Strengthening Motor Vehicle Safety for Canadians Act

S-2 (2013) Law Incorporation by Reference in Regulations Act

S-2 (2011) Law Family Homes on Reserves and Matrimonial Interests or Rights Act

S-2 (2010) Law Protecting Victims From Sex Offenders Act