Madam Speaker, the hon. member raised two issues on which I would like to comment. First, with respect to family trusts, we have removed all tax advantages related to these trusts and reduced the allowed deferral under the 21-year rule. We are beginning immediately to take action on family trusts.
There are two questions under family trusts. One is the question of income dispersed to beneficiaries which is going to be changed immediately. The other is the question of the capital tax. The 21-year rule is effective in 1999 which is the time it takes given the fact that the Conservative government eliminated the rule. There had to be a few years to allow for adjustment. On the income issue we will begin immediately; on the capital issue we begin.
On the other issue, the bank issue, we are raising a special tax on banks, which will bring in $60 million just this year.
We think this is a great step forward. It will begin to deal with the banks on several issues we think they should be addressing immediately.