Thanks to the witnesses for being here.
It's good discussion today.
I want to try to just ground our discussion here in some facts. From my perspective, the government has done quite a number of things over the last decade to address these issues. I think we should all acknowledge some good steps have been taken.
For example, Canada implemented pillar two, by enacting the Global Minimum Tax Act, effective beginning in 2024. The government also announced its intention to implement the secondary backstop rule, known as the undertaxed profits rule, which would be effective December 31, 2024.
We also have moved forward with country-by-country reporting. That's Action 13, introduced in Canada, in effect as of 2016. New limitations on interest deductibility, Action 4, were implemented in Canada under the excessive interest and financing expenses limitation rules, effective October 2023. We also moved forward with new hybrid mismatch arrangements, Action 2, adopted in Canada, in effect as of 2023. Enhanced mandatory disclosure rules, Action 12, were announced in budget 2021 and received royal assent in 2023. Exchanges among the CRA and other tax authorities of certain tax rulings that could give rise to base erosion and profit-shifting concerns have also been moved forward with; these are Action 5. Enactment in 2019 of the base erosion and profit-shifting multilateral instrument, Action 15, was moved forward with, and Canada has endorsed the changes made to the OECD's transfer pricing guidelines.
Budget 2025 also includes modernization of Canada's transfer pricing rules, including administrative improvements; strengthening the general anti-avoidance rule; a crypto asset reporting framework; and a common reporting standard, which would be effective January 1, 2027. We're also moving forward with a number of amendments to the Global Minimum Tax Act, which I think are positive steps in the right direction.
In budget 2025 we intend to limit the deferral of refundable tax on investment income. We're also moving forward in the budget with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, and a financial crimes agency, which will lead enforcement on financial crimes, including money laundering and complex financial crimes, often linked to offshore tax evasion.
Those are a series of things that this government has done, and I want both of you to acknowledge that those are steps in the right direction, if you're willing to. Obviously, it's up to you, but I think those are positive steps in the right direction. I understand that you want us to do more. You're very knowledgeable about this subject matter, but can you at least acknowledge the government has done some good things for us?
Mr. Deneault, and then Mr. Ward, give a short answer, please.