Thank you, Mr. Chair.
Thank you to the witnesses for being here today.
My question is about clause 30. This won't be the first time you'll hear me bring this up: retroactive measures. In this case, the retroactive period goes back to October 24, 2001. It always worries me when retroactive amendments are made to the Income Tax Act.
Would you explain the change being proposed in clause 30, in relation to trusts and foreign affiliates? I'm trying to understand the reason, or rationale, for the amendment coming into effect retroactively on October 24, 2001, in other words, 16 years ago.