Mr. Speaker, I appreciate both of those questions.
Being a member of the Standing Committee on Finance-and I notice another member from the Standing Committee on Finance-he would probably agree with me that the committee has been looking at family trusts as well as at a number of
different areas. In fact, these so called loopholes are really just myths.
There are some specifics where there has to be some tightening up. I attended a briefing by the revenue department yesterday where we were looking at some of the propositions within the revenue department to tighten up on certain areas. These gaping loopholes simply are a product of wishful thinking.
With respect to controlling speculation, the difficulty is that in the last 10 years the percentage of federal marketable security, that is our bonds and our debt instruments in the hands of people outside of Canada, has increased from 10 per cent of our federal marketable securities to 28 per cent.
In other words, federal marketable securities are now controlled or in the hands of people outside of Canada to the tune of 28 per cent of the total amount outstanding versus only 10 per cent 10 years ago. That has occurred because the previous government and this government refuse to get spending under control, and as a consequence we are at the mercy of these traders.
To try and get control over a trader in Hong Kong or in London or in New York is a non-starter. It is simply not going to happen. These are myths to which I am happy to speak.