Thank you very much, Chair.
Thank you all for being here today. This is a very exciting session. I wish I had a lot more than five minutes and I would love to have an hour with each of you to go over all the fine points.
I do want to focus my questioning on Mr. Spiro.
Our government, as you know, is committed to a fair tax system and we've been very earnest in closing as many loopholes as we can possibly identify. There are some that we closed in Bill C-4, which have been overly exploited in the last number of years—somewhat outdated—for example, synthetic dispositions and leveraged life insurance arrangements.
Could you comment on what those loopholes were costing the federal treasury? And how important was it to actually close those?