A team of Bermuda executives travelled to Canada to attend a conference designed to outline the advantages of Bermuda's recent Tax Information Exchange Agreement (TIEA) signing with Canada.

The conference, entitled "Bermuda as the Offshore Jurisdiction of Choice: What Canadian Asset Managers Need to Know," was held at Bennett Jones LLP's corporate conference centre in Toronto.

The two countries signed the TIEA agreement in June, and Minister of Finance Paula Cox said many of Canada's fund managers and investors are now poised to take advantage of the benefits associated with it.

She hopes they will be encouraged to domicile or re-domicile their operations in Bermuda.

"Canada's foreign direct investment in Bermuda's economy now totals some $22.3 million while Bermuda's direct investment in Canada is $2.1 million.

"We hope, through conferences such as this, to describe the advantages arising out of the TIEA agreement and so, encourage more of Canadian's business and financial communities to come to Bermuda," she said.

She added that the agreement put Bermuda on a level playing field with other international financial jurisdictions.

"It offers Canadian asset managers the same benefits as jurisdictions that have a double tax agreement with Canada and in a jurisdiction internationally recognised for its robust regulatory and legislative framework, clear and consistent fiscal policy and sophisticated, experienced and specialised corporate service providers," she said.