Mr. Speaker, my colleague's question is an appropriate and important one.
It was roughly a year ago that the Minister of Finance indicated we needed to review this whole area and to close some of the loopholes. Decisions have been made to do exactly that. As a result of a recent event where large sums of money were taken out of the country without, according to some individuals, appropriate levels of taxation or no taxation, there will be continued work done in that
area. Further loopholes will be closed. In fact this mandate has been given to the finance committee of which I am a member.
I agree that the matter often comes up at election time. I emphasize it is something that is not always well understood. I am told by very highly respected people that they can have some benefits but clearly they should not give advantages to people who have large sums of money to escape a fair rate of taxation. They too must contribute to the well-being of this nation.
Our objective at the end of this exercise is to make sure that all people who earn income are taxed in a fair and equitable way and that they make legitimate, reasonable, sensible and meaningful contributions to the welfare of this nation and to its people.