This article presents a critical analysis of the report of the Advisory Panel on Canada's System of International Taxation. The criticism is derived from the author's analysis in his 2009 book on reforming Canada's international tax system. The article focuses on three aspects of the report: taxation of the foreign-source income of Canadian corporations, deductibility of interest expenses, and tax administration and legislation. The article concludes that the report does not provide a thorough, analytically rigorous examination of the most difficult issues facing Canada's international tax system.