Thank you for the question.
There have been efforts under way internationally for a number of years now to prevent base erosion and profit shifting and to make sure that large multinationals pay an appropriate level of tax in the various countries in which they operate.
In 2021, the community, through the OECD and the inclusive framework, agreed to the two-pillar solution. Pillar two would see a minimum tax being imposed and set at 15% on the largest multinational organizations that would be in scope, regardless of where they are undertaking their activities. Assuming it's in jurisdictions that are implementing the two-pillar solution, there would be an appropriate level of taxation paid.
Canada has played an important role. The government has indicated in budget 2024 its expected revenue generation as a result of this. The latest numbers indicate that Canada would benefit in the amount of $6.6 billion over three years, starting in 2026-27.