Mr. Speaker, even the finance minister must be able to see that something does not add up here.
The CIBC claims that most of its money was made in the Caribbean. Come on. The CIBC has 42 Caribbean branches and 1,170 Canadian branches. With 2% of its branches, the CIBC racked up 70% of its profits? I do not think so.
The finance minister has a choice, either close this gaping tax loophole or look the other way while all the other banks escape paying their fair share of taxes next year.