Mr. Speaker, the hon. member knows full well that the main reason certain rich individuals paid no income tax is the existence of that $100,000 capital gains exemption. That is the loophole we closed when we came into power.
Secondly, the hon. member refers to the situation of Quebec and the federal government. Representatives of the Quebec commission on taxation and the funding of public services have stated the following: "Overall, there is little difference between taxable income for federal income tax purposes and for Quebec income tax purposes". They went on to say: "Since March, we on the commission have learned that there is no hidden tax treasure we can unearth anywhere in Quebec". The same holds true for Canada.