Finance committee  You are correct, Mr. Chair. That amendment, given the nature of how the guidelines were incorporated into the act, didn't strictly speaking occur in legislative form. But, in effect, the SIFT regime has been fully enacted to the extent that it can be, except for the SIFT loss trading rules that are contained in this bill.

Finance committee  Certainly in the case of what part 1 is seeking to accomplish, it responds to concerns with respect to the ability of the existing rules to give full effect to their objectives.

Finance committee  Good morning, members, Mr. Chair. Thanks for your question, Ms. McLeod. In the simplest of terms, it's possible to reduce Canadian tax by interposing a foreign intermediary between a source of income and a taxpayer. Since the 1970s, the Income Tax Act has contained rules that seek to respond to that to ensure that an appropriate amount of Canadian tax is paid.