A delegation of executives from Bermuda has travelled to Toronto for a special conference on the business and financial advantages of the Island's Tax Information Exchange Agreement (TIEA) signing with Canada.

The meeting, 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.

It was a follow-up to the June 2010 TIEA agreement signing between the two countries and was sponsored by Bermuda Business, APEX Fund Services, Bennett Jones LLP, Bermuda Stock Exchange (BSX), West Jet, Albourne Village, M! and ISI Publications.

Finance Minister Paula Cox applauded the Bermuda's team initiative and acknowledged the work being done to build on the TIEA platform. She said it was a collaborative effort between the Ministry of Finance, Business Bermuda, the BSX and numerous private sector organisations.

The Minister said that many of Canada's fund managers and investors were set to take advantage of the benefits associated with the TIEA and, hopefully, would 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," she said. "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."

Minister Cox said that the TIEA agreement had 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.

She said the conference provided a unique opportunity for asset managers and investors to assess the costs and benefits of establishing a Bermuda vehicle.

"Opportunities like this of addressing the practical considerations of corporate service providers and investors in selecting Bermuda is a key component of the Ministry's work," she said. "Attracting more companies to Bermuda will create jobs, strengthen the economy and help the financial services sector thrive."

Addressing the conference, Ministry of Finance treaty advisor Laura Hershey said there were currently 1,145 Bermuda entities with a Canadian interest, and that this number was expected to grow exponentially.

In addition, to explaining the administration of TIEAs and how the negotiation of these agreements provided a framework for deepening economic and commercial relations between jurisdictions, Ms Hershey highlighted the Island's achievements in shaping international standards in the financial services arena and its financial services market success.

"At the annual Canadian Captive Conference in Toronto "At the annual Canadian Captive Conference in Torontoin June of this year, which was attended by representatives of the Bermuda Monetary Authority, and a large number of local industry representative, it was already being noted how our TIEA with Canada was a significant step forward both in enhancing business ties and investment opportunities between Bermuda and Canada," she said.

"Canada is one of Bermuda's most valued and important economic partners with a long-history of connections through our insurance, reinsurance and broader financial services industry."

Ms Hershey also gave an overview of the implications of the Bermuda - Canada Tax Agreement to Canadian asset managers, and participated in a panel discussion alongside Greg Wojciechowski, president and CEO of the BSX.