Nathan Boidman

Senior Counsel

Nathan Boidman

Nathan Boidman

Senior Counsel

Expertise
Bar Admissions
  • Québec, 1981

Nat has more than 45 years of experience providing clients with outstanding international tax expertise.

He advises clients on international tax, with a focus on cross-border mergers and acquisitions, financings, joint ventures, partnerships and business trusts. Canadian and international companies of varying sizes – across all industries – value Nat for his responsiveness and his keen awareness of the legal and business issues that matter to them. He also counsels clients on transfer pricing and other cross-border tax disputes with the Canada Revenue Agency. Individual clients consult him on international tax issues.

A prolific author and speaker, Nat has held senior leadership positions in leading industry associations, including the International Fiscal Association and the Canadian Tax Foundation. Before his law career, Nat was a partner in an accounting firm, where he specialized in tax.

Nathan Boidman

Senior Counsel

Nat has more than 45 years of experience providing clients with outstanding international tax expertise.

He advises clients on international tax, with a focus on cross-border mergers and acquisitions, financings, joint ventures, partnerships and business trusts. Canadian and international companies of varying sizes – across all industries – value Nat for his responsiveness and his keen awareness of the legal and business issues that matter to them. He also counsels clients on transfer pricing and other cross-border tax disputes with the Canada Revenue Agency. Individual clients consult him on international tax issues.

A prolific author and speaker, Nat has held senior leadership positions in leading industry associations, including the International Fiscal Association and the Canadian Tax Foundation. Before his law career, Nat was a partner in an accounting firm, where he specialized in tax.

Nutrien Ltd.

Acted as Canadian tax counsel to Nutrien Ltd. in respect of the sale to Tianqi Lithium Corporation of Nutrien's 62,556,568 "A shares" in the capital of Sociedad Química y Minera de Chile S.A. for consideration of $65 per share in cash, representing a total gross valuation of approximately US$4.07 billion.

Nutrien Ltd.

Acted as Canadian tax counsel to Nutrien Ltd. in the sale to SDIC Mining Investment Co. Ltd. of 23,294,614 common shares of Arab Potash Company for gross proceeds of $502 million.

Nutrien Ltd.

Acted as Canadian tax counsel for Nutrien Ltd. and its subsidiary, Potash Corporation of Saskatchewan Inc., in Nutrien's offer to exchange all outstanding publicly held notes of PotashCorp and Agrium Inc. for new notes to be issued by Nutrien.

Potash Corporation of Saskatchewan Inc.

Acted as Canadian tax counsel for Potash Corporation of Saskatchewan Inc. in its US$36-billion merger of equals with Agrium Inc. to create the world-class integrated global supplier of crop inputs, Nutrien Ltd. This deal was named 2017's Deal of the Year by Lexpert Magazine and won the Mining Deal of the Year award at the 2017 Canadian Dealmakers Awards.

International Petroleum Investment Company

Acted as Canadian tax counsel for International Petroleum Investment Company, an Abu Dhabi-based sovereign wealth fund, on its merger with Mubadala Development Company, creating the 14th largest state-owned investment fund in the world with $125-billion in combined total assets and businesses in over 30 countries.

Potash Corporation of Saskatchewan Inc.

Acted for Potash Corporation of Saskatchewan Inc., providing tax advice in connection with a US$500-million bond offering.

The Sentient Group

Acted for The Sentient Group in connection with the acquisition of Rio Madeira Comércio Importaçao e Exportaçao de Minérios, a Brazilian company operating a manganese mine. In relation to this acquisition, Sentient executed a binding term sheet with Cancana Resources Corp. whereby and pursuant to which Sentient acquired shares, warrants and convertible debentures of Cancana and the latter will subscribe for 50% of the quotas of Rio Madeira.

The Sentient Group

Acted for The Sentient Group with respect to its US$140-million divestiture of interest in Norsemont Mining Inc.

Potash Corporation of Saskatchewan

Acted for Potash Corporation of Saskatchewan with respect to offerings of US$500 million due 2017 and US$500 million due 2040.

Potash Corporation of Saskatchewan

Acted as Canadian tax counsel to Potash Corporation of Saskatchewan with respect to offerings of US$500 million due 2015 and US$500 million due 2020.

Potash Corporation of Saskatchewan

Acted for Potash Corporation of Saskatchewan Inc. which issued US$500 million notes due May 15, 2014 and US$500 million notes due May 15, 2019.

GMAC LLC

Acted for GMAC LLC as it completed US$38.146 billion outstanding notes exchange and purchase offers and separate offers to exchange and purchase outstanding notes of Residential Capital, LLC.

Vitol Refining Group B.V. & Vitol Refining S.A.

Acted for Vitol Refining Group B.V. on its sale of North Atlantic Refining Limited to Harvest Energy Trust in a transaction valued at $1.6 billion.

JP Morgan Partners, LLC

Acted for JP Morgan Partners, LLC and its affiliates in the sale of all the shares of Telesystem International Wireless Inc. for an aggregate amount of $830 million.

Kimco Realty Corporation

Acted for Kimco Realty Corporation, a leading U.S.-based publicly-traded REIT, in connection with a partnership with Sandalwood Management Canada Co. to acquire more than 1 million square feet of retail property comprised of six shopping centres in the Province of Québec.

Circuit City Stores, Inc.

Acted for Circuit City Stores, Inc. on its acquisition of InterTAN, Inc., the operator of Radio Shack stores in Canada, in a transaction valued at approximately US$286 million to create The Source.

Euro-Pro Corporation and Omega Sewmac Inc.

Acted for Euro-Pro Corporation and Omega Sewmac Inc. in regard to the sale of their businesses to Euro-Pro Operating LLC and the related financing.

CIT Group

Acted for CIT Group in its $3-billion takeover bid for Newcourt Credit Group Inc.

Diamond Fields Resources

Acted for Diamond Fields, as well as one of its two major shareholders, in its $4-billion sale to Inco.

Article

Canadian Federal Court of Appeal Gets Section 20(12) Right, author

July 17, 2023 - Tax Notes
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Article

US Bill Attacking Foreign DSTs and UTPR Would Hit Canadians, co-author

July 06, 2023 - Tax Management International Journal (Bloomberg Industry Group, Inc.)
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Article

Reconstructing EIFEL: Significant Amendments Introduced in November 2022 Revised Legislation, co-author

Feb. 01, 2023 - International Tax Highlights, Vol. 2, No. 1
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Article

International Tax, co-author

Dec. 01, 2022 - Wolters Kluwer International Tax (Wolters Kluwer)
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Article

SUTPR: Harmful Effects in Canada?

Nov. 04, 2022 - Tax Management International Journal, Vol. 51, No. 11 (The Bureau of National Affairs, Inc.)
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Article

Withholding Taxes—A Baseless Pillar One Issue

Sept. 14, 2022 - Bloomberg Law News – Tax Insights & Commentary (The Bureau of National Affairs, Inc.)
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Article

Senator Rob Portman’s Inadvertent, Profound Criticism of OECD’s 15% Global Minimum Tax

Sept. 02, 2022 - Tax Management International Journal, Vol. 51, No. 9 (The Bureau of National Affairs, Inc.)
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Bulletin

Highlights of Canada’s Latest Legislative Tax Proposals

Aug. 23, 2022 - The Department of Finance recently released a package of materials containing potential changes to the Canadian tax system (Tax Proposals). The materials, released on August 9, 2022, include draft amendments to the Income Tax Act (Tax Act) to implement certain measures from the 2022...

Article

Hybrids in Canada and the United States: The BEPS Action 2-Based Response

July 01, 2022 - Tax Management International Journal, Vol. 51, No. 7 (The Bureau of National Affairs, Inc)
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Article

Anti-Hybrid Rules Arrive (Finally) In Canada, co-author

June 20, 2022 - Tax Notes International, Vol. 106, No. 12 (Tax Analysts)
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Article

Privately Owned Foreign Affiliates Caught in Canadian Budget Crossfire

June 03, 2022 - Tax Management International Journal, Vol. 51, No. 6 (The Bureau of National Affairs, Inc)
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Article

Pillar Two : Effects on Canadian Multinationals

Apr. 01, 2022 - Tax Management International Journal, Vol. 51, No. 4 (The Bureau of National Affairs, Inc)
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Article

Is the Tug of War Between the Senate and the U.S. Administration over BEPS Pillar One Jurisdiction at Least Partially Illusionary?, co-author

Mar. 04, 2022 - Tax Management International Journal, Vol. 51, No. 3 (The Bureau of National Affairs, Inc)
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Article

Canadian Supreme Court Upholds Loblaw’s Offshore Bank Structure, co-author

Feb. 28, 2022 - Tax Notes International, Vol. 105, No. 9 (Tax Analysts)
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Article

Viewpoint ‒ OECD Pillar 2: ʻ15 Percent Minimum Taxʼ Deal Will See Canada Reduce Or Cannibalize Its Own GDP

Nov. 15, 2021 - Tax Notes International, Vol. 104, No. 7 (Tax Analysts)
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Article

The Evolution of U.S. Tax Rates and Related Matters Since 2017 ‒ in a Canadian Context, co-author

Nov. 05, 2021 - Tax Management International Journal, Vol. 50, No. 11 (The Bureau of National Affairs, Inc)
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Article

Canada at the Crossroads of International Tax Reform: Between Harmonization and Tax Competition, co-author

Oct. 26, 2021 - Bulletin for International Taxation, Vol. 75, No. 11/12 (IBFD)
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Article

Biden Proposal Would Dramatically Alter Longstanding U.S. Gift and Estate Tax Planning for Wealthy Families, co-author

July 02, 2021 - Tax Management International Journal, Vol. 50, Issue 7 (Bloomberg TAX)
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Article

Canada and BEPS: What Goes Around Comes Round, co-author

June 28, 2021 - Tax Notes International, Vol. 102, No. 13 (Tax Analysts)
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Article

The Emergis Hybrid Financing Case: Déjà Vu?, co-author

May 03, 2021 - Tax Notes International, Vol. 102, No. 5 (Tax Analysts)
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Article

Supreme Court Confirms Cameco’s Epic Transfer Pricing Victory, co-author

Apr. 02, 2021 - Tax Management International Journal, Vol. 50, Issue 4 (Bloomberg TAX)

Article

Cameco Goes to the Supreme Court: The Crown’s Appeal for Recharacterization Should Go Nowhere

Feb. 21, 2021 - Tax Management International Journal, Vol. 50, Issue 2 (Bloomberg TAX)

Article

Relationship Between Cameco and Glencore Transfer Pricing Cases

Dec. 01, 2020 - International Tax Journal, Vol. 115 (Wolters Kluwer)
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Article

The ‘Cameco’ Transfer Pricing Sequel: Government’s Appeal on Interpretation of Transaction Substitution Rule Rejected, co-author

Aug. 14, 2020 - Tax Management International Journal, Vol. 49, No. 8 (Bloomberg TAX)
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Article

Québec Proposes North America’s First IP Box, co-author

June 29, 2020 - Tax Notes International, Vol. 98, No. 13 (Tax Analysts)
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Article

Evaluating Canada’s Attempt to Reconcile General Transfer Pricing Rules and Specific Antiabuse Provisions, co-author

May 11, 2020 - Tax Notes International, Vol. 98, No. 6 (Tax Analysts)
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Article

How Will Revised Sourcing Rules Affect Sales Of U.S.-Made Goods Abroad?

Feb. 10, 2020 - Tax Notes International, Vol. 97, No. 6 (Tax Analysts)
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Bulletin

Canadian Tax Laws: A Review of 2019 and a Look Ahead to 2020

Jan. 30, 2020 - Each year at this time we look back at some of the more significant income tax developments in Canada affecting domestic and international business over the past year and look ahead to possible Canadian tax developments in the coming year. Review of Canadian Tax Developments in 2019 Tax...

Article

GILTI and Canadian CFCs Under Recent Regulations

Jan. 10, 2020 - Tax Management International Journal, Vol. 49, No. 1 (Bloomberg TAX)
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Article

Glencore: Australian Court Relies on Cameco

Dec. 01, 2019 - International Tax Journal, Vol. 109 (Wolters Kluwer)
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Article

Is Corporate Tax Abolition Unrealistic

Nov. 04, 2019 - Tax Notes International, Vol. 96, No. 5 (Tax Analysts)
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Article

Letter to the Editor: Wealth Tax Proposals — Taxation or Confiscation?

Oct. 21, 2019 - Tax Notes International, Vol. 96, No. 3 (Tax Analysts)
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Article

Canada Enacts Multilateral Instrument: What Happens Next?, co-author

July 22, 2019 - Tax Notes International, Vol. 95, No. 4 (Tax Analysts)
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Bulletin

Canada Enacts the OECD-Sponsored Multilateral Instrument

June 26, 2019 - Canada has enacted into law the OECD-sponsored Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI). The enactment of June 21, 2019 represents the penultimate step in the domestic ratification of the MLI in Canada, which will...

Article

Proposed U.S. Regs Narrow GILTI Exposure on Canadian CFC Operations

June 03, 2019 - Tax Notes International, Vol. 94, No. 10 (Tax Analysts)
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Article

Expected Adverse Effects of Proposed U.S. Anti-Hybrid Regulations on Inbound Financing By Canadian MNEx, co-author

Feb. 11, 2019 - Tax Notes International, Vol. 93, No 6 (Tax Analysts)
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Article

Canada Finalizes International Tax Proposals: An Update on Conduit, Tracking, and Foreign Affiliate Rules

Dec. 03, 2018 - Tax Notes International, Vol. 92, No.10
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Article

‘Cameco’: Canadian Counterpart of ‘E.I. Du Pont de Nemours’

Nov. 09, 2018 - Tax Management International Journal, Vol. 47, No. 11 (Bloomberg Tax)
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Article

The Tax Court of Canada Strikes Offshore eBank in Loblaw, co-author

Oct. 29, 2018 - Tax Notes International, Vol. 92, No.5 (Tax Analysts)
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Article

How U.S. Tax Reform Affects Canada-U.S. Tax Factors

Oct. 12, 2018 - Tax Management International Journal, Vol. 47, No. 10 (Bloomberg Tax)
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Article

US Territoriality: A Promise Not Kept

May 01, 2018 - Canadian Tax Highlights, Vol. 26, No. 5
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Article

The U.S.’s Illusionary Turn to Territoriality

Feb. 12, 2018 - In this article from Tax Notes International, Davies partner Nathan Boidman contends that the sponsors of the Tax Cuts and Jobs Act not only failed to deliver on their promise of a territorial system for controlled foreign corporations, but also expanded the pre-existing...

Bulletin

U.S. Tax Laws: A Review of 2017 and a Look Ahead to 2018

Jan. 11, 2018 - Each year at this time, we offer a look back at some of the more significant income tax developments in the United States affecting domestic and international business over the past year and a look ahead to possible U.S. tax developments in the coming year. Tax Developments in 2017 As we...

Bulletin

Canadian Tax Laws: A Review of 2017 and a Look Ahead to 2018

Jan. 11, 2018 - Each year at this time we offer a look back at some of the more significant income tax developments in Canada affecting domestic and international business over the past year and a look ahead to possible Canadian tax developments in the coming year. Developments in 2017 1....

Article

The Univar Appeal: A Pyrrhic Victory For Indirect Acquisitions in Canada

Oct. 30, 2017 - In this article published in Tax Notes International, Davies partner Nathan Boidman reviews the decision by the Federal Court of Appeal in Univar Holdco Canada ULC v. The Queen, particularly in the context of the 2016 Income Tax Act amendments concerning surplus...

Article

Canada Persists With Plan to Punish Private Corporate Passive Reinvestment, co-author

Oct. 30, 2017 - Tax Notes International, Vol. 88, No. 5 (Tax Analysts)
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Article

Canada’s Limited Approach to the OECD’s MLI

July 03, 2017 - In this article published in Tax Notes International, Davies partners Nathan Boidman and Michael Kandev discuss Canada’s signing of the OECD multilateral instrument to adopt many of the anti-BEPS tax treaty rules. Download this article.

Article

Canada’s Enhanced Transitional Rules for U.S. LLPs and LLLPs

June 15, 2017 - In this article from Tax Notes International, Davies partner Nathan Boidman provides updates about the Canada Revenue Agency’s May 26, 2016, non-binding administrative decision to treat certain U.S. limited liability partnerships (LLPs) and limited liability limited partnerships (LLLPs)...

Bulletin

Canadian and U.S. Tax Laws: A Review of 2016 and a Look Ahead to 2017

Jan. 13, 2017 - The year 2016 was eventful from a Canadian tax perspective, with the current Liberal government introducing its first federal budget and important judicial developments that included two decisions in tax cases by the Supreme Court of Canada. Conversely, while U.S. tax developments in 2016 were...

Article

How Is BEPS Reflected in Canada’s Newest Treaties?

Dec. 12, 2016 - In this article published in Tax Notes International, the authors examine the extent to which Canada’s new treaties with Taiwan and Israel reflect its involvement and concern. Download this article.

Article

BEPS Cash Box Inconsistent with Canadian Tax Rules

Oct. 03, 2016 - Originally published in Canadian Tax Highlights, this article examines the BEPS project’s new transfer-pricing notion of “cash box,” which appears to be inconsistent both with commercial reality and with longstanding Canadian outbound international tax policy. Download this article.

Article

Foreign Banks and Canada’s CFC System

Aug. 15, 2016 - Originally published in Tax Notes International, this article examines the Tax Court of Canada’s CIT judgment, as well as two pending companion cases, and sheds light on how the simple notion underlying controlled foreign corporation attribution rules— that CFCs’ undistributed passive...

Article

BEPS: Canada Takes First BEPS Steps

May 24, 2016 - Originally published in Tax Notes International, this article examines provisions in Canada’s 2016 budget inspired by the OECD’s final reports on its base erosion and profit shifting project. Download this article.

Bulletin

2016 Federal Budget: Tax Highlights

Mar. 22, 2016 - The new Liberal governments first budget (Budget 2016) has been the subject of anticipation and speculation, much of it apprehensive. Unusually, Budget 2016 is noteworthy for what it does not contain. Budget 2016 does not introduce changes to increase the tax rate on employee stock...

Article

Canadian Transfer Pricing Decision in Marzen: Points of Interest

Feb. 15, 2016 - In this article from Tax Notes International, Davies partner Nathan Boidman reviews Marzen Artistic Aluminum, a Canadian transfer pricing case involving sales of Canadian products into U.S. markets. Nathan focuses on novel issues raised by the parties’ use of a Barbados...

Bulletin

Canadian and U.S. Tax Laws: A Review of 2015 and a Look Ahead to 2016

Jan. 20, 2016 - Each year at this time, we offer a look back at some of the more significant business and international tax developments in Canada and the United States over the past year and a look ahead to possible Canadian and U.S. tax developments in the coming year. Canadian Tax Review and...

Bulletin

2015 Federal Budget: Tax Highlights

Apr. 21, 2015 - As has been widely predicted, today’s federal budget (Budget 2015) delivered a handful of tax goodies in the lead-up to the coming election. It also includes a number of important proposed changes to the corporate tax rules. They are noteworthy, although not as...

Article

The G20/OECD BEPS Crusade

Mar. 02, 2015 - Legal Alert, Volume 33, Number 12  Davies partner Nathan Boidman briefly examines the background to the initiative launched by the G20 and the Organisation for Economic Co-operation and Development (OECD) against base erosion and profit shifting (BEPS). Download this article.

Bulletin

Canadian and U.S. Tax Law: A Review of 2014 and a Look Forward to 2015

Jan. 13, 2015 - Each year at this time, we offer a look back at some of the more significant business and international tax developments in Canada and the United States over the past year and a look forward to possible Canadian and U.S. tax developments in the coming year. I. CANADIAN TAX REVIEW AND...

Guide

Transfer Pricing: Foreign Rules and Practice Outside of Europe (Foreign Income Portfolios)

Dec. 31, 2007 - (Washington: Tax Management Inc.)

Chambers Global: The World’s Leading Lawyers for Business—Tax (Senior Statesperson)

International Fiscal Association, Canadian branch—Lifetime Honorary Membership

International Tax Review’s World Tax: The Comprehensive Guide to the World’s Leading Tax Firms—Tax Controversy (Highly Regarded)

Lexpert Guide to the Leading US/Canada Cross-Border Corporate Lawyers in Canada—Corporate Tax

The Canadian Legal Lexpert Directory—Corporate Tax

The Best Lawyers in Canada—Tax Law (Lawyer of the Year 2020, Montréal)

Who’s Who Legal: Corporate Tax—Advisory; Who’s Who Legal: Canada—Corporate Tax

Expert Guides—Tax

Bar Admissions

Québec, 1981

Education

McGill University, BCL/LLB, 1980
McGill University, BComm, 1962

Professional Affiliations

Chartered Professional Accountants of Ontario
Ordre des comptables professionnels agréés du Québec, Fellow

Board Memberships

Canadian Tax Foundation, Board of Governors, former governor

Community Involvement

Canadian Bar Association and Chartered Professional Accountants of Canada, Joint Committee on Taxation, former member
International Fiscal Association, Canadian Branch, Lifetime Honorary Member and former president
International Fiscal Association, former Executive Committee member

Teaching Engagements

Nat has lectured on taxation at the Université de Sherbrooke master’s program in taxation and at McGill and Concordia Universities.