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ARTICLE · 18 AUGUST 2008

Canada-U.S. Protocol Moves Toward Ratification

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On July 29, 2008 the Fifth Protocol (the "Protocol") to the Canada-U.S. Tax Convention (the "Convention") was ordered to be reported "favorably" and "without amendment" out of the U.S. Senate Foreign Relations Committee.

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On July 29, 2008 the Fifth Protocol (the "Protocol") to the Canada-U.S. Tax Convention (the "Convention") was ordered to be reported "favorably" and "without amendment" out of the U.S. Senate Foreign Relations Committee. We have previously discussed the Protocol in Taxation Law @ Gowlings No. 116, in Canadian Tax @ Gowlings Vol. 5 No. 3, and in Special Bulletins of Canadian Tax @ Gowlings on September 25 and October 10.

The Protocol now awaits only full Senate consideration and the President's signature before entering into force. If the past practice for tax treaties before the U.S. Senate is followed, the Protocol (having been reported without amendment) will be reported and printed by the Chairman of the Committee and presented to the full Senate shortly, at which time (likely within the same day) it will be moved through its Parliamentary stages very quickly and passed by the full

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