Mr. Speaker, I think it is worth reading what we have done to set the record straight. At the start, we launched a three-pronged offensive to reduce the use of tax havens by Canadian firms and the outflow of money, what the Leader of the Opposition is referring to.
First, in the 1995 budget, we proposed substantial requirements with respect to statements on interests in foreign companies. Second, in the 1994 budget, changes were made to the Income Tax Act to prevent the transfer of profits realized in Canada to companies abroad located in tax havens.
Third, the government strengthened exclusionary efforts regarding foreign companies and specifically involving inter-segment sales by individuals.