I want to talk about tax loopholes.
We as the government have closed over 85 tax loopholes, which has certainly enhanced the integrity of our taxation system, and we're looking to close down even more.
I have a couple of questions. The captive insurance changes in the bill adjust Canada's foreign accrual property income rules in order to address offshore insurance swap transactions and ensure that income from the direct or indirect insurance of Canadian risk is taxed appropriately.
Can you comment on these changes and what is the expected fiscal impact? I know that's a little hard to predict, but what's the expected impact of that?