Mr. Speaker, under the current act, and in the opinion of a well-known tax consultant firm, shipping companies incorporated abroad and administered from Canada are protected from any challenge by Revenue Canada regarding their place of business and, therefore, the taxes they might otherwise have to pay in Canada.
However, the current legislation does not clearly protect holding corporations engaged in international shipping activities, as do the finance minister's companies. According to the explanatory notes, Bill C-28 will correct this situation.
My question is for the Minister of Finance. By protecting holding corporations in the Income Tax Act, by protecting his business, through legislative provisions, from any possible challenge by Revenue Canada regarding place of residence, is the minister not clearly and directly putting himself in a conflict of interest?