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Canada has no exchange controls and the Canadian currency is freely convertible to U.S. or other currencies.

Withholding taxes exist on the payment to non-residents of certain dividends, interest, royalties or other amounts for services rendered.

The statutory rate of Canadian withholding taxes to non-residents is 25 per cent. This rate is generally reduced to 5-15 per cent under bilateral tax treaties.

Certain types of income, such as interest on government bonds and certain corporate bonds, are exempt from the withholding tax on a unilateral (statutory) basis.

For more information, consult a lawyer or accountant familiar with Canadian tax law or visit the Canada Revenue Agency's website at www.cra-arc.gc.ca.