In Canada v. Cameco Corporation, the Canada Revenue Agency (“C.R.A.”) challenged Cameco's transfer pricing arrangements with its Swiss subsidiary during the early years of the twenty-first century. In 2018, the Tax Court of Canada ruled in favor of Cameco, finding that the transactions were not shams and were conducted on arm's length terms. In 2020, the Federal Court of Appeal unanimously upheld the decision, rejecting the C.R.A.'s arguments that profits were inappropriately shifted. The recent Canadian federal budget introduced new Canadian transfer pricing legislation containing the most consequential change since 1997. In his article, Michael Peggs explains that the amendment has something for everyone: a response to the decision in Cameco, alignment with O.E.C.D. guidance, and harmonization with treaty partners.