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

  • Jarislowsky, Fraser Limited and its Board of Directors in connection with its sale to Scotiabank

  • Carillion Canada Inc. regarding its sale of certain assets and liabilities to a subsidiary of Fairfax Financial Holdings

  • Renewable Energy Trust Capital in connection with its sale of three Ontario solar projects to Axium Infrastructure

  • KSL Capital in connection with the C$1.4-billion sale of Whistler Blackcomb Holdings Inc. to Vail Resorts, Inc.

  • Pension fund managers and financial institutions regarding their acquisitions of interests in the Mont-Rothery wind project and the Rivière-du-Moulin wind project, and related financings

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

  • On several other direct investments and many fund investments by pension plans and other institutional investors, 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 2020

  • Chambers Canada: Canada's Leading Lawyers for Business 2019

  • The Legal 500 Canada 2019

  • International Tax Review's World Tax 2019 - Highly Regarded (Women in Tax)

  • Chambers Global: The World's Leading Lawyers for Business 2019

  • The Canadian Legal Lexpert Directory 2019 (Consistently Recommended)

  • Who's Who Legal: Corporate Tax 2019

  • Who's Who Legal: Canada 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 2016