Mr. Speaker, yesterday, the finance minister said in this House, and I quote:
"When someone leaves the country, it is quite likely the tax is not due, since the item in question was never sold; so there is no capital gains tax".
His motion tabled on October 2 indicated that, when assets are transferred out of the country, there is deemed disposition. The capital gain must be calculated and the tax is payable.
My question is quite simple, it is a Taxation 101 question. Yes or no, does a transfer of assets out of the country cause a disposition and thus the calculation of the capital gain on which a tax is to be paid?