Good morning, Mr. Chairman.
I want to thank all the speakers. My first question is for Michael Conway.
Canada's current tax legislation is very complex. There are what are called tax avoidance and abusive tax planning schemes. These two relatively legal practices are common among tax experts, as a result of which a person who has earned $250,000 in Canada over a period of 30 years may have paid the same amount of tax as another who has earned only $50,000. This situation indicates a weakness in the act, a certain excessive complexity. And I would say that encourages tax unfairness.
At the present time, does the act really need to be exhaustively reformed or does it merely require some superficial corrections?