Thank you, Mr. Chairman.
Ms. Ablonczy, in your presentation notes, in the chapter on non-resident trusts and foreign investment entities, you state regarding the bill that:
The measures in this proposed legislation are intended to prevent tax deferral and avoidance through the use of foreign investment funds and trusts. This type of activity has moderated substantially in recent years. Bill C-33 will ensure that, if someone tries to avoid taxes by using foreign investment funds, any income earned on that investment will be taxed as if it were earned in Canada.
Could you or could the experts tell us what type of a decrease there has been in this type of activity in recent years? You say this method is used extensively. I would like to know if you have any figures on the importance of the decrease in the use of this loophole that would show that it has been partly or fully closed.