Thank you, Mr. Chair.
I would like to highlight three points. The first is about coverage; the second is about the results; the third is about what the OAG found.
In terms of coverage, I can confirm that for the 1,200 multinationals operating in Canada, we have 100% risk coverage each year. We conduct a thorough review of these multinationals, and all high-risk ones are audited annually.
The second point I want to mention concerns the results. In exhibit 7.2 of the report, the OAG confirms that the agency's audit results increased by 60% during the audit period. In the last fiscal year, there was $4.6 billion more than in the first. We have sought most of these gains from GST fraudsters, the underground economy, multinationals and those engaged in abusive tax planning overseas.
The third point I would like to make is that the OAG noted a difference in the time required to conduct the audits. Complex audits take longer, but the Income Tax Act itself recognizes that these files are more complicated and, as a result, allows the agency to take up to three years to finalize audits for average Canadians. In addition, the act allows the agency to take three more years—twice the time—if it involves transfer pricing, tax on income earned overseas or these famous overseas trusts. In these cases, the act itself gives three more years to finalize the audits because it recognizes that these files are much more complex.