I want to return to the example of the five major Toronto banks. They are receiving massive liquidity injections. They are benefiting from the purchase of their assets that have lost all value. They are receiving government assistance.
At the same time, they all have one or several branches in tax havens that enable them to report their profits earned in Canada as if they were earned in the empty shell in the tax haven. They are doing this to pay less tax here. That is unacceptable, and it has to change.
Why isn't the government taking action?
I remind the minister that the change can be made through a simple amendment to the Income Tax Regulations, in section 5907, which contains the problematic wording that enables businesses and major banks to avoid paying their taxes here. That is completely legal, but entirely immoral.