Kathleen V. Penny
Partner | Toronto
Toronto: 416-863-3898

Kathleen practises income tax law with a focus on domestic and international corporate taxation, including mergers and acquisitions, corporate reorganizations, financings and restructurings, infrastructure projects, private equity, real estate funds and pension fund investments. A significant portion of her practice consists of cross-border transactions such as securitization, leasing and debt financing, and inbound and outbound investments. She regularly advises pension funds on their private equity, infrastructure, energy, hedge fund, real estate and other investments, both in Canada and abroad.

Her international client base involves her in transfer pricing matters, including establishment of tax-efficient structures and compliance with transfer pricing documentation requirements. Kathleen also assists clients with the resolution of Canadian domestic tax audits and disputes.


Recent representative matters include advising:

  • Standard Life plc on the sale of its Canadian business to Manulife for C$4-billion

  • Bell Aliant Inc. and Bell Aliant Preferred Equity Inc. on BCE Inc.'s C$4-billion privatization of Bell Aliant

  • Mitsui & Co., Ltd. on the acquisition, through MIT Renewables Inc., of a 30 per cent equity interest in C2C Power from GDF SUEZ Canada Inc.

  • Fiera Axium on its acquisition of a 100 per cent equity interest in 47 MW of solar generating projects in Ontario from EDF EN Canada Inc.

  • DALSA Corporation on its sale to Teledyne Technologies Inc. for C$337-million

  • Ericsson as a member of the consortium that was the winning bidder for Nortel Network's remaining patents and patent applications for US$4.5-biillion, and the purchase of Nortel's CDMA Business and LTE Access Assets for US$1.13-billion by Ericsson

  • Ontario Power Generation in connection with the redevelopment of hydroelectric generating projects in northern Ontario

  • Intact Financial Corporation on a C$2.6-billion acquisition of the Canadian insurance businesses of AXA S.A. and on the subsequent sale of the AXA Canada life business to SSQ

  • Alberta Investment Management Corporation on its private equity investment in Town Shoes Limited

  • Alberta Investment Management Corporation on the acquisition by Central Korbana S.àr.l of an indirect 50% interest in Sociedad Concesionaria Autopista Central S.A. from Skanska Kraft AB

  • On several other direct investments and many fund investments by pension plans, including investments in Canada, the U.S., South America, Asia and Europe


Kathleen is recognized as a leading Canadian tax lawyer in the following publications:

  • The Best Lawyers in Canada 2018

  • Chambers Canada: Canada's Leading Lawyers for Business 2018

  • Chambers Global: The World's Leading Lawyers for Business 2018

  • The Legal 500 Canada 2018

  • Who's Who Legal: Canada 2017

  • The Canadian Legal Lexpert Directory 2017 (Repeatedly Recommended)

  • Legal Media Group's Guide to the World's Leading Tax Advisors 2017

  • The 2016 Lexpert Guide to the Leading US/Canada Cross-Border Corporate Lawyers in Canada

  • Who's Who Legal: Corporate Tax 2016

  • Who's Who Legal 2016

  • International Tax Review's Women in Tax Leaders 2015