Thank you very much for the question.
I'd probably put the budget proposals into a couple of different categories that help tax evasion and aggressive tax avoidance. The first is informational, making sure that the Canada Revenue Agency and the tax authorities have the information they need to detect and challenge aggressive tax avoidance and tax evasion.
In that respect, we've already mentioned some of the beneficial ownership announcements, building as well on beneficial ownership announcements from budget 2018 relating to trust.
Budget 2021 announced a reform of Canada's mandatory disclosure rules, which in part came out of the base erosion and profit shifting process that would provide more meaningful and more relevant disclosure of aggressive tax planning, or tax planning anyway, to the Canada Revenue Agency, along with penalties to help ensure compliance.
In addition, there's a measure relating to audit authorities, helping the Canada Revenue Agency get answers to their appropriate questions when they're being asked.
That builds also upon a number of other important international efforts that have been implemented in Canada from previous years, such as country-by-country reporting and the common reporting standard, again to ensure that the right information is provided.
The second category relates to the integrity of the tax rules to ensure that they operate as intended and to ensure that taxpayers can't exploit loopholes, to use the common term, in order to avoid taxes.
Alex mentioned a couple of them coming out of the base erosion and profit shifting project, limiting excessive interest deductions so that debt can't be essentially placed into Canada so that the interest deductions can erode the Canadian tax base and be paid offshore. Hybrid mismatch arrangements can help ensure that complex cross-border transactions that are treated one way in one country and another way in another country don't lead to inappropriate tax avoidance.
In addition, we have upcoming consultations relating to the general anti-avoidance rule in the Income Tax Act, as well as Canada's transfer pricing rules.
There were a lot of important tax integrity measures announced in budget 2021 that should help ensure the fairness of the Canadian tax system.