Mr. Speaker, the usual practice at this time, when assets are being transferred and we want to make sure that the trustee does not evade taxes, is that a notice of quit claim is required. That is the only guarantee we require at present, and it has no value in international law and tax conventions. That is the reality.
Yesterday, contrary to what he has claimed, the Minister of Finance did not close up the tax loophole for family trusts. On the contrary, he announced that the interpretation of December 23, 1991, which allowed the tax-free transfer to the United States of a two billion dollar trust will, in future, be government policy for all of the assets of millionaires and billionaires.
Will the minister confirm that, by extending the concept of taxable Canadian assets to Canadian residents, as he did yesterday in his ministerial statement, he has given his blessing to the scandal of 1991, which now becomes the basis of his taxation policy?