The fifth Protocol to the Canada-US Income Tax Convention (Treaty) was signed on September 21, 2007. This Tax Memo reflects on the effect the Protocol will have on Canadian multinationals with US operations, US multinationals with operations in Canada and on certain individuals. Another Tax Memo, Canada-US Income Tax Treaty: Fifth Protocol Makes Major Changes, released on September 24, 2007, outlines the Protocol’s key changes and its entry into force.