Stephen J. Fyfe  


Executive Summary

Stephen Fyfe is a senior partner in the Tax Group in our Toronto office. He has extensive experience with the business and tax implications of mergers, acquisitions, corporate reorganizations and project financing. He is committed to understanding a client's business and providing effective, practical tax advice by taking a problem-solving approach to resolving concerns. In recent years, Stephen has focused his attention on energy and infrastructure markets.

Stephen works with clients to implement efficient financing and exit strategies for developers and equity investors. Part of that work involves helping develop and implement tax efficient financing structures for both outbound and inbound investments. He has participated in the acquisition and financing of a number of large electricity generation projects, with a particular focus on the structuring and financing of renewable energy projects including wind and solar. He has also structured and advised on tax efficient operating structures for non-Canadian investors, taking into account each of the development, ownership and exit phases of their investments.  

As a related practice, Stephen regularly advises municipal corporations on the unique aspects of their tax regime and provides those clients with regular corporate tax advice on both operations and investment activities. Stephen has particular expertise working with tax exempt entities and navigating the sometimes complex provincial tax regimes.

Representative Work

  • Advisory tax and structuring work on sales of various telecom, water heater and street lighting assets by several municipal electricity utilities.
  • Advised on tax and corporate finance aspects of multiple renewable power projects from development, to construction, to operation to divestiture.
  • Advised on various acquisitions and mergers involving renewable energy companies, and income trusts.
  • Principal tax and structuring advisor on largest merger of municipal electricity utilities in Ontario.
  • Advisory work related to acquisition and financing of various water infrastructure assets.

Publications & Presentations

  • Author, “Update on the Enmax Case: A “reasonable outcome,” BLG’s Tax Law Bulletin, May 17, 2018.
  • Co-Author, “New Regulations Intended to Encourage Consolidation,” BLG’s Tax Law Bulletin, June 13, 2016.
  • Author, "Perverse power taxes," Financial Post, April 24, 2013.
  • Author, "Mergers by Choice not Edict: Reforming Ontario's Electricity Distribution Policy," CD Howe Institute Commentary #376, March, 2013.
  • Author, "Canadian Cross-Border Trust Structures," Reprinted from Tax Notes International, October 29, 2012, p. 489.
  • Author, "The Taxation of Renewable Energy Investments in Canada," Report of Proceedings of the Sixty-Third Tax Conference, 2011 Conference Report (Toronto: Canadian Tax Foundation 2012).
  • Co-Author, "Goodwill Hunting: Identifying and Allocating Value to Goodwill on the Sale of a Business," BLG's Tax Law Bulletin, February 16, 2012.
  • Co-Author, “Public Company Spin-off Transactions, BLG’s Tax Law Bulletin, May 2011.
  • Author, “Finance Releases Proposed REIT Amendments,” BLG’s Tax Law Bulletin, January 2011.
  • Author, “Going Green in Canada — Tax Efficient Investment,” BLG’s Tax Law Bulletin, June 2010 (also published in North American Free Trade & Investment Report, June 2010).
  • Author, “Tax Update on the Financing of Municipal Corporations,” BLG’s Tax Law Bulletin, September 2008.
  • Co-Author, “Canada Facilitates Conversions of Income Trusts into Corporations, Corporate Finance,” Federated Press, International Law Office, August 2008.
  • Co-Author, “Opportunities for Municipally Owned Corporations in Ontario’s Electricity Market,” Canadian Tax Foundation Annual Conference, September 2001 and Canadian Tax Journal 2002.
  • Co-Author, “Current Mutual Fund Development and Products,” Canadian Tax Foundation, September 2000.

Rankings & Recognitions

  • Recognized in the 2019 and previous editions of Chambers Global — The World's Leading Lawyers for Business (Tax).
  • Recognized in the 2019 edition (and since 2016) of Chambers Canada — Canada's Leading Lawyers for Business (Tax).
  • Selected by peers for inclusion in 2019 edition (and since 2015) of The Best Lawyers in Canada® (Structured Finance Law).
  • Recognized in the 2019 edition (and since 2013) of The Canadian Legal Lexpert® Directory (Investment Funds & Asset Management) and 2018 edition (Corporate Tax).
  • Recognized as a 2019 Acritas Star
  • Recognized in the 2016 and 2015 editions of the Legal 500 Canada (Tax).
  • Recognized as a leading infrastructure lawyer in the 2013 and 2012 editions of the Lexpert®/Report on Business Special Edition on Infrastructure.
  • Martindale-Hubbell® BV® Distinguished™ 4.4 out of 5 Peer Review Rated.