Mr. Chairman, may I jump in here for a moment?
I think the honourable member is conflating two different points. One is the legitimate concern, and that's what we've been trying to address, of those who would seek to hide income in foreign financial institutions. The other is the taxation of investments of Canadian financial institutions themselves abroad.
We are familiar with the study to which you referred, and the calculations that were made essentially seemed to be based on taking the amount of income that Canadian banks have earned abroad over a number of years and multiplying it by a Canadian tax rate to come up with an estimate of taxes that in the view of the authors of the study have been avoided. That is not in our view a valid analysis of taxes sought to be avoided.