On September 21, 2007, representatives of Canada and the U.S. signed the Fifth Protocol (the "Protocol") to the Canada-United States Income Tax Convention 1 (the "Treaty"). Canada ratified the Protocol on December 14, 2007. On July 10, 2008 the U.S. Treasury Department released the Technical Explanation (the "TE") to the Protocol and the Department of Finance (Canada) issued a press release stating that the TE "accurately reflects understandings reached in the course of negotiations with respect to the interpretation and application of the various provisions of the Protocol". On July 29, 2008, the U.S. Senate Foreign Relations Committee approved the Protocol and sent it to the full U.S. Senate for approval. The U.S. Senate, on September 23, 2008, ratified the Protocol by unanimous consent. It remains for the President and the Secretary of the Treasury to sign the Protocol and for Canada and the U.S. to exchange instruments of ratification. This is expected to occur before the end of 2008. The Protocol completes a negotiation process that has lasted nearly a decade.

type Tax Law Bulletin - October 2008 - U.S. Senate Ratifies Fifth Protocol to Treaty With Canada: Fiscally Transparent Entities Beware!