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.

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

SELECT EXPERIENCE

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

  • Alberta Investment Management Corporation on its private equity investment in Town Shoes, and its investment in a Chilean toll road

  • 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

AWARDS & RECOGNITION

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

  • Who's Who Legal: Canada 2017

  • The Canadian Legal Lexpert Directory 2017 (Repeatedly Recommended)

  • The Legal 500 Canada 2017 (Recommended)

  • Chambers Global: The World's Leading Lawyers for Business 2017

  • 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

PUBLICATIONS
Show Past:
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Co-author: Overview of the Proposed Amendments to Subsection 55(2)
Corporate Tax Planning Journal, Vol. XIII, No. 3, pp. 728-732, Federated Press, 2015.
Speaker: Ontario/Toronto Land Transfer Taxes: a Primer on Related Party Transfers and an Update
Canadian Tax Foundation, October 2014.
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PROFESSIONAL APPEARANCES
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Co-speaker: Section 149 Corporations Update
Tax Forum, Pension Investment Association of Canada, Toronto, Ontario, November 16, 2016
Moderator: Fiscal State Aid in the European Union
American Bar Association, January 2015.
Moderator: BEPS is a Big One: Recent Developments in the UK and Germany
American Bar Association, January 2015.
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