May 8, 2012 - Montréal - The Honourable Ed Fast, Minister of International Trade and Minister for the Asia-Pacific Gateway, and Étienne Schneider, Minister of Economy and Foreign Trade for Luxembourg, today signed a protocol to update the Canada-Luxembourg double-taxation convention.
Consistent with policy announced in Budget 2007 aimed at combatting international tax evasion, the protocol respects the Organisation for Economic Co-operation and Development standard for the exchange of tax information.
Canada has an extended network of double-taxation conventions, with 89 such conventions in force. Canada keeps its double-taxation convention network up to date through the renegotiation of existing conventions and the negotiation, where warranted, of new ones.
Canada places great importance on its relationships with European countries and continues to negotiate an ambitious trade agreement with the European Union. Luxembourg is a supportive partner in the negotiations of a trade agreement between Canada and the EU and recognizes the benefits it would generate on both sides of the Atlantic.
The EU is Canada’s second-largest trading partner, and the trade negotiations with the EU represent Canada’s most significant trade initiative since the historic North American Free Trade Agreement. The benefits of an ambitious trade agreement with the EU would be significant for Canadian businesses and workers.
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For further information, media representatives may contact:
Office of the Honourable Ed Fast
Minister of International Trade and Minister for the Asia-Pacific Gateway
Trade Media Relations Office
Foreign Affairs and International Trade Canada
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