Corporate welfare bums was the term used.
To some extent, you are right. Otherwise, as I explained, we would not be taking an in-depth look at how to solve the problem right now. That does not mean we should do away with all the activities that these corporations engage in, especially insurance corporations. The real issue is transparency and bank secrecy, which you mentioned. If this information were available to authorities in Canada, the United States and elsewhere, it would be possible to amend the legislation so as to change the rules of the game. That is what we have always done.
I used to be a tax expert. Back then, we would use countries such as Bermuda, but it was always done in a transparent manner. Then the government decided that it was going to apply rules governing foreign accrual property income, so as to prevent Canadians—both individuals and corporations—from accumulating income abroad without paying taxes in Canada. It was not so much a matter of activities at that time, just investments, dividends, interest and so forth. Things need to be transparent. The members of this committee will make recommendations to the government, which, in turn, will have to make some decisions. It is important to consider ways of maximizing the benefits for these corporations while doing away with abuses. So finding a balance is key.
You mentioned good faith, but we have more than that. We are now conducting audits. We are going to put pressure on corporations that do not comply with Canadian laws. We are always dealing with Canadian laws, given that no international laws govern this type of activity. So it is Canada's laws that must be enforced. And it is up to you and to federal tax authorities to enforce them appropriately.