In terms of where I would draw a clear distinction between the proper use of offshore companies and the misuse of offshore companies would be particularly where certain countries had bank secrecy rules where wealthy individuals around the world could invest their passive investments in those countries and avoid detection through banking secrecy.
Canada and others in the OECD have made terrific inroads in eliminating banking secrecy rules. The common reporting standard rules, the FATCA and tax information exchange agreements all allow the tax authorities access to the information to stop tax evasion and the misuse of offshore companies in those ways.
We have very detailed tax rules. Again, I worked in the department. From the nineties to now, there have been continuous improvements and refinements of those rules to ensure that we get the right balance between allowing active business income to be earned offshore in a competitive way and taxing currently, on a current basis, in Canada any passive investment income.