Thank you, Chair.
We're all in favour of facts around here.
I wonder, Minister, if you could reverse the decision of your department to send Mr. Tait blacked-out copies of this document. Mr. Tait apparently asked for documents on November 10, and he was sent all of these blacked-out documents on loss in federal tax revenues allocated by province, etc. So if we're ever going to deal with facts, we would like to at least have the facts, as you see them, before the committee. I wonder, could you do that?
The second question is with respect to the apparently permanent loss of about $30 billion to $35 billion in Canadians' savings—hard-working Canadians, as you're fond of saying.
I have in my hand The Globe and Mail globeinvestor.com chart dated yesterday, and it shows that loss as a permanent loss of $35 billion. You apparently think taking $35 billion out of Canadians' savings is worth this alleged leakage of something in the order...well, we've had an inflation of numbers from $200 million to $300 million to $800 million, and if I read The Globe and Mail headlines correctly this morning, it's $1.3 billion. So you apparently are prepared to dip into Canadians' money to the tune of $35 billion for this leakage.
Then when you start to parse the leakage, it divides into three arguments. The first argument is the pensions/RRSP argument, and you call it tax-exempt. It's not correctly stated. As any other person would understand it, it's not tax-exempt; it's a tax deferral. If in fact my RRSP is now tax-exempt, I think we can all quit and go home, because we're all happy little campers. It is a tax deferral.
The second issue is with respect to the losses to foreign investors of about 22%. Why not close off the other loopholes as well? Apparently, it's a 15% withholding tax with respect to bonds and other remittances to other holders of Canadian securities. With the balance of the money, which is approximately 40%, the argument is that the effective tax rate for those who hold trusts is higher than distributions under corporate entities.
It's very difficult, Minister, to make a reasoned assessment as to whether in fact the advice you're receiving is correct when all you receive is blacked-out documents.
First, will you re-instruct your officials to give us the full document? Second, would you please comment on whether you received any analysis as to the impact on the market with respect to your decision?
Thank you very much.