I think the key to understanding a tool like the beneficial ownership registry is to recognize how it helps. I think just announcing it deters some behaviour and change some behaviour, just as when we announced country-by-country reporting for multinationals. Many of them decided to change their approaches. I do think there's already been a deterrent effect, just from the announcement.
I'd also caution that once it exists, from a CRA perspective that's just a start. As we're seeing with this explosion in cases before the court, even with the registry, even when we found somebody doing aggressive tax planning, they're very happy to take us to court and fight us all the way to the Supreme Court in the cases I mentioned.
I would say that we are already having some benefits. Once the registry arrives in 2025, we probably still have many years of litigation ahead of us until some of the determined actors really stop their behaviour.