Mr. Speaker, I am aware that this is a problem involving trusts and other financial vehicles as well, but the minister cannot say that he has removed all advantages for trusts in his last budget. This is effective 1999, so between now and then, they have the same advantages they had before. I take pleasure in correcting the minister on this point.
When the Minister of Finance says that an emigrant will give securities, he is relying on the signature of a notice of waiver, because sufficient security, under the Income Tax Act, usually takes the form of a notice of waiver. That is the basis on which he says that the taxes will eventually be paid to Canada.
Will the minister confirm that the notice of waiver on which he is pinning his hopes of recovering the taxes due Revenue Canada at some future date has no legal value, but merely a moral one, as the deputy minister of Revenue Canada, Pierre Gravelle, yesterday told the public accounts committee?