Corporate spinoffs — known in Canada as “butterflies” — are a powerful but often misunderstood tool in corporate reorganization. They allow companies to separate business lines, facilitate strategic realignment, and succession.
We examine how these transactions work in Canada and the U.S., why they matter for capital formation and competitiveness, and the key considerations for Canadian policymakers to ensure that breaking up is not hard to do.
Manu Kakkar
Partner, Integrated Tax Solutions LLP
Manu has over 20 years of experience in taxation, both domestic and international, including personal and corporate taxation, as well as litigation support. He runs an independent tax practice and acts as counsel to clients across a wide range of industries in Canada and the U.S., with a focus on domestic and international reorganizations and transactions. He is recognized for his expertise in Section 55 of the Income Tax Act and butterfly reorganizations.
He has lectured at CPA Canada programs, the Canadian Tax Foundation, the Society of Trust and Estate Practitioners (STEP), and various provincial accounting bodies across Canada. Manu has also served on a number of conference and program committees associated with CPA Canada and the Canadian Tax Foundation. He served a three-year term (2016–2019) on the Canadian Tax Foundation’s Board of Governors.
Laura Paglia
President and CEO, Canadian Forum for Financial Markets
Laura Paglia became President and CEO of the CFFiM in August 2021. Prior to joining CFFiM, she provided legal counsel to a variety of financial services firms including banks, insurers, fund managers and dealers, their boards and executives. A frequent speaker and writer, Laura holds LLB and LLM degrees from Osgoode Hall and has received multiple professional recognitions for her expertise.
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