Yes, Mr. Chair.
The proposal in the budget is a proposal for consultation, but it's a consultation on a new national 1% tax on the value of non-Canadian-owned residential real estate in Canada. The proposal is that it would apply subject to certain exceptions, and that it would apply beginning in 2022.
There is work to be done in developing that. The budget indicated that we would have some engagement on framing that tax, but in essence that's how it would work. The idea is to essentially apply the tax to underused housing in Canada. Again, there are more details to be worked out in respect of how it would apply in resorts or tourism communities, or not apply in that case in those areas.
We will be consulting on that and coming out with further details following the consultation.