Mr. Speaker, I thank the hon. member for Erie for his important question. As a chartered accountant, having operated a practice for over 25 years, I must admit that I have not seen any reports or cases come before the courts with regard to problems of donations of cultural property.
The process outlined in the bill is a rigorous, independent one by people who are in the business of cultural and heritage artefacts and items. The process is meant to ensure fairness and equity in our tax system for Canadians who wish to make donations of cultural and heritage property. Because of that rigorous process there is no question in my mind that the determination of the values for tax purposes is fair and reasonable and represent fair values for all Canadians.
Some members have described this process as a win, win situation. It is win, win for all parties. Museums and other cultural institutions will be able to acquire for the enhancement of their collections important artefacts and objects of art for the enjoyment of all Canadians at substantially lower values than they would have to put out should they have to purchase those at fair market value.
That alone creates a situation of leverage. That leverage situation means that we get much more for the dollar. Donors of cultural property are not getting cash out of the deal. They are not getting, whether it be directly or indirectly through taxes on the transaction, more by the tax credit method. In fact, they are getting less. They are getting less than they would otherwise.
It is fair to say that people who come forward and donate, and the figure is some $60 million a year, are not doing it because they are out to get something out of the system. They are, in fact, putting back into the system much more. It is a tremendous expression on behalf of Canadians who have been fortunate enough to acquire assets and objects of art that they are prepared to contribute to Canada, so that all Canadians can enjoy our wonderful heritage.
It is timely that we are talking about cultural and heritage artefacts. No province could be more proud of its cultural heritage and its contributions to Canada than the province of Quebec. At this point, as a member and as a Canadian, I would congratulate it for the wonderful contribution it has made to the Canadian culture and heritage. It is an outstanding example of what we can do as Canadians together. For that we should all be thankful.