In these challenging times for domestic securitization in both the U.S. and Canada, two recent developments will serve to ease the burden of cross-border ABS transactions. A number of these transactions have occurred and more are in the works.

Firstly, Canada has eliminated its withholding tax on most arm's length and unrelated party payments of interest, whether the interest is paid to a resident of the U.S. or to any other non-Canadian.

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