Maybe it's the ambiguity in your question in the sense that I don't know what type of business you're talking about. If it's an active business, then Canada does not tax the profits. If it's passive income, Canada does tax the profits. That's the case whether it's in a treaty country or a non-treaty country. The system really just derives off whether it's an active business or not. Again, you can earn active business income in, say, the Cayman Islands, where we don't have a tax treaty, and Canada is not going to tax those profits. That's separate from the tax treaty process.
On February 7th, 2019. See this statement in context.