Firstly, on the Canary Wharf investment, the U.K. tax authority has since investigated further and required that investment to pay money. I think the set-up of that investment was largely to avoid future payments of capital gains on the investment, rather than the ongoing rental income from the Canary Wharf property.
In terms of what Canada should do, I think it's very much overdue for Canada to adopt a public country-by-country reporting regime. Australia has just done this; that is coming into effect this coming year. The European Union has also done this; that is coming into effect next year as well.
Australia's version is significantly stronger. In the case of Australia, any multinational that operates there with over $10 million in revenue is required to disclose all of its basic financial details—profits, losses, revenue, related-party revenue and number of workers—in a list of 40 jurisdictions that are widely regarded as tax havens. This would include places like Bermuda, Singapore, Cayman Islands, along with Switzerland, Hong Kong and many other jurisdictions that are commonly abused as tax havens.
It's hard to fix a problem if you can't see it. I think transparency is ultimately the first step. We would strongly encourage Canada to follow both Australia and the European Union in requiring disclosure for all multinationals.