Legislation, Case Law Changing the Face of U.S.-Canada Taxation

New Developments to be the Subject of a Bloomberg BNA Webinar: Recent Canadian Tax Developments for Cross-Border Transactions

ARLINGTON, Va., May 29, 2012 /PRNewswire-USNewswire/ -- Various recent legislative and case law developments will impact how Canadian imports and exports will be taxed, according to Patrick Marley of Osler, Hoskin & Harcourt LLP. Mr. Marley will present a Bloomberg BNA webinar, Recent Canadian Tax Developments for Cross-Border Transactions, on May 30 from 12:30 PM – 2:00 PM (ET).

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"Many of these changes will apply to investments into Canada from the United States or other countries. Also, recent developments will be relevant generally to the manner in which certain provisions of the Organisation for Economic Co-operation and Development (OECD) model-based tax treaties are interpreted," Marley added.

In the 90-minute webinar, Marley, joined by Osler senior associate Sue Wooles, will cover some of the ground outlined in Bloomberg BNA's newly-updated Portfolio, Business Operations in Canada, for which they were coeditors. The BNA Tax Management Portfolios are in-depth, topic driven analysis and guidance, provided by the world's leading tax authorities. Each registered webinar participant will receive a copy of the updated Business Operations in Canada Portfolio.

In 60-90 minutes, Marley and Wooles will examine:

I. Inbound Investment Rules

• Tax treatment of investments into Canada through Luxembourg, Netherlands, or other treaty–based holding companies; including minimizing Canadian withholding taxes, accessing capital gains exemptions, maximizing cross-border capital, and avoiding anti-hybrid rules in Article IV(7) of the Canada-US treaty
• Impact of proposed foreign affiliate dumping transactions on new or existing investments
• Treaty residency, including a discussion of the recent decision of the Supreme Court of Canada in Fundy Settlement (also known as St. Michael Trust Corp), requirements under Article IV(1) of tax treaties, limitation on benefits rules, and general anti-avoidance rules
• Beneficial ownership, including a discussion of the recent Velcro Canada decision and the Prevost Car decision
• Recent developments with respect to the general anti-avoidance rule based on the Supreme Court of Canada's decision in Copthorne
• Proposed changes to thin capitalization rules

II. Treaty Benefits for Hybrid Entities

• Discussion of treaty issues for hybrid entities under the Canada-US treaty, OECD guidance, and the TD Securities decision

III. Outbound Investment Rules

• Proposed changes to Canada's foreign affiliate rules, including treatment of distributions, upstream loans, mergers/demergers, and surplus accounts
• Anti-avoidance rules regarding share ownership of foreign affiliates
• Transfer pricing, including General Electric decision regarding guarantee fees, and pending Supreme Court of Canada decision in GlaxoSmithKline

About the Speakers

Patrick Marley is a partner at Osler, Hoskin & Harcourt, LLP. He advises on tax issues associated with international tax planning, domestic and cross-border mergers and acquisitions, corporate reorganizations, corporate finance, and various other tax matters. He has experience representing clients in industries including financial services, mining, oil and gas, telecommunications, manufacturing, and technology. Marley appeared before the Canadian Senate Banking Committee in 2008 as a tax expert on proposed foreign investment entity and non-resident trust tax rules. Prior to joining Osler, he worked in the Canadian Department of Finance where he was extensively involved in drafting legislation and formulating tax policy related to foreign affiliates, foreign source income, and foreign investments. He is a member of council for the Canadian branch of the International Fiscal Association.

Sue Wooles is a senior tax associate at Osler, Hoskin & Harcourt LLP. Her tax practice focuses on corporate tax planning, including international tax planning, tax aspects of mergers and acquisitions, corporate reorganizations, corporate finance and cross-border transactions, as well as tax dispute resolution. She has experience representing clients in industries including financial services, technology, manufacturing, and oil and gas.

Recent Canadian Tax Developments for Cross-Border Transactions takes place May 30, 2012 from 12:30 PM – 2:00 PM, (ET). To register for this webinar and obtain further information about CLE and CPE credits, go to http://www.bna.com/recent-canadian-tax-w12884909391/ or (in the U.S.) call 800.372.1033, menu Option 6, then Option 1. The per site fee is just $249.

About Bloomberg BNA Webinars
Bloomberg BNA is the foremost source of tax and accounting research, news, practice tools, and guidance for tax attorneys, CPAs, corporate tax managers, estate planners, and financial accountants.  Designed for today's busy practitioners, our webinars offer the same expertise and relevance that are the hallmark of all Bloomberg BNA resources. In just 60-90 minutes, practitioners gain in-depth knowledge on a current tax or accounting topic from experts in that area — and benefit from practical applications that can be put to work immediately. Conference attendees have the opportunity to ask the speakers questions, and may be eligible to earn CLE or CPE credits — all from the convenience of their own office or conference room.

About Bloomberg BNA
Bloomberg BNA, a wholly-owned subsidiary of Bloomberg, is a leading source of legal, regulatory, and business information for professionals. Its network of more than 2,500 reporters, correspondents, and leading practitioners delivers expert analysis, news, practice tools, and guidance - the information that matters most to professionals. Bloomberg BNA's authoritative coverage spans the full range of legal practice areas, including tax & accounting, labor & employment, intellectual property, banking & securities, employee benefits, health care, privacy & data security, human resources, and environment, health & safety.

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