Thank you, Mr. Chairman. I agree with you fully.
Mr. Chairman, the urgency here is to deal with the allegation that the facts on which decisions have been taken are incorrect, in whole or in part. Mr. Chairman, you know that a large number of investors endured an erosion of their capital investment of some $30 billion to $35 billion. This spawned the creation of this group called the Canadian Association of Income Trust Investors. They have brought forward information that the computations of the so-called tax leakage do not include.... If I read from their release, it excludes the taxes paid on income trusts held in retirement accounts. This is a substantial variance with what the computation should be, if in fact that is the case.
If you do not deal with this issue, Mr. Chairman, with regard to what is the real leakage, the discussion about whether there should be exemptions or whether there should be other extensions of time, etc., are all consequential to that. You need to know the leakage.
The urgency, therefore, Mr. Chairman, is to make sure that we have the facts. I don't want to talk about truth; I want to talk about facts. I think we have information around the table about good, solid witnesses who will help this committee determine the facts.
Mr. Chairman, why now? The timing of the tabling of the bill--the draft is on the website now--is uncertain at this point. You know, Mr. Chairman, that the House has the opportunity to refer a bill to committee after it's had second reading debate and second reading vote, at which time it would have had approval in principle, or it could come in fact after first reading or before second reading. That's very significant, because then it would allow the committee the latitude to be able to make substantial changes that it otherwise would not be able to make.
Mr. Chairman, unless we have the facts, parliamentarians will not know whether or not they should make the case that there should be a referral to the committee after first reading. I speak strongly in favour of getting the information, the facts that are going to be necessary to make good, wise decisions. This committee in fact is the only instrument that can make that happen now. It has the tools. Commentary from any witnesses that will be heard will be on the record. It will not have to be repeated to this committee when the bill subsequently comes before us.
As Mr. McCallum has suggested, should the bill be delayed for any reason at all, all we're doing is extending the uncertainty with regard to the facts on which decisions have been taken.
I would strongly urge that we have these hearings to establish fact on the leakage issue; everything else is consequential to that.