This is something that Jagmeet Singh, as the NDP leader, was urging for many months. Fortunately, I think the government finally listened. It would have been better to have this months ago, but it's better late than never in getting that benefit to people. Thank you for confirming that.
I want to contrast that amount that you've estimated at $2.6 billion with another figure from another PBO study, which dates back to June 20, 2019. That was the study on international taxation. To refresh all of our memories, I'll reread the conclusion paragraph, which states:
For illustrative purposes, if we assume that 10 per cent of the $996 billion in reportable transactions with offshore financial centers...has avoided corporate income taxes in Canada, it would represent an amount of $100 billion of taxable income that should have been taxed at the general rate of 15%...Looking at electronic funds transfers (EFTs) would generate an even higher estimate. Indeed, if we assume that 10 per cent of the $1,639 billion in outgoing EFTs to [offshore financial centres]...has avoided taxes, this would represent approximately $164 billion in taxable income and $25 billion of tax revenues lost.
That's in a single year.
I want to start by asking whether the PBO has done an update to that. These are astronomical figures of money going to offshore financial centres while Canadians really struggle to make ends meet. Have you done an update to that study?