Thank you, Mr. Chairman.
As Mr. Cardin pointed out, we're not exactly thrilled by this agreement. In light of all the job losses over the past few weeks since the implementation of the agreement, and given that the WTO clearly said that we were entitled to all of the money and that there was no need for us to tax our own companies, I find it somewhat ridiculous that we're looking into this.
Having said that, on our agenda for today is the clause-by-clause study of the bill and we thank you for joining us.
I want to start with subclause 18(3) of Bill C-24. It says:
Every specified person in respect of whom a covered entry is to be liquidated as a result of a revocation shall pay to Her Majesty in right of Canada a charge at the specified rate on the amount of any duty deposit refund that relates to the covered entry.
Further down, in subclause 18(5), it says:
The charge under subsection (3) becomes payable by the specified person on the later of
(a) the day on which this Act is assented to, and
(b) the day that is the earlier of
(i) the day on which the duty deposit refund is issued to the specified person or a designate of the specified person, and
(ii) the day on which the specified person sells the rights to the duty deposit refund to Her Majesty in right of Canada.
I'd like you to lead us through the practical implications of that particular clause.