Thank you, Mr. Chair.
I'd like to welcome all the witnesses and thank the senior officials once again for being here. I also want to join Mr. Chambers and Mr. Weiler in thanking them for the incredible quality of the document introducing Bill C‑69, which also includes a questions and answers section. That's very helpful, and we thank them for that.
My first questions will focus on part 2 of Bill C‑69. I am very pleased to finally see a budget implementation bill include the measures it contains. They will bring about significant economic changes by starting to address tax fairness and equity. I commend the government for putting that forward.
However, I'm disappointed to see that part 1(b), which deals with international shipping, seeks to exempt Canadian international shipping companies from this global minimum tax of 15%. I can come back to this question a little later, probably with the officials, to discuss this provision, which I will call “the Paul Martin and family clause”.
Let's go back to part 2, which is 300 pages long with amendments to the Income Tax Act and other acts. I'm not sure I understand all the intricacies that well.
Corporate income tax doesn't just go to the federal government because part of it goes to the provinces. Alberta and Quebec deal with corporate taxes themselves. However, in part 2, there do not seem to be any provisions for sharing the revenue resulting from this new tax between the federal government and the provinces, or even any mechanisms that would allow Quebec and Ottawa to coordinate their measures to achieve the 15% rate. Is my reading correct?