Madam Speaker, I would like to begin by thanking the member for Winnipeg North Centre, the NDP finance critic, for so generously sharing her time with me. I begged for an opportunity to participate in this debate because this particular issue makes my blood boil.
I also would like to take a moment to compliment the member for Joliette, who had the good sense to bring this issue before the House of Commons today, for giving us the opportunity to debate it and to recognize the tireless contribution he has made in his efforts to bring some semblance of reason and fairness to the Canadian taxation system as it pertains to these offshore tax havens.
I agree with the member for Joliette and the member for Winnipeg North Centre that these tax havens undermine Canada's tax system. It is as simple as that. When individuals and corporations can legally and by design avoid paying their fair share of taxation it puts an added burden onto the rest of us.
I will be concentrating mostly on the corporation side and touch briefly on individuals who take advantage of these outrageous tax loopholes. However I accuse both of them of nothing short of economic treason for taking steps to deliberately avoid paying their fair share of taxes in the very country that gave them the opportunity to prosper, to flourish and to achieve certain wealth.
I believe the convention with Barbados should be terminated, as simple as that, for the simple reason that this is not a reciprocity agreement among equals. It is not as though we are dealing with France, Germany, Italy or other G-7 countries where we are trying to avoid double taxation, which would be unfair, we all agree. It is not reciprocity at all when 99.9% of the business is flowing one way in the 1700 Canadian businesses that are seeking to avoid paying taxes in Barbados. How many Barbadian companies are setting up in Canada to participate in our tax regime and benefits? It is completely one-sided. It is completely an arrangement of convenience for those who would seek to avoid paying their fair share of taxes and shortchange the Canadian people and certainly our taxation system.
In 1994 and 1995 the rules were addressed somewhat. They started plugging some of the more egregious, offensive tax loopholes. For instance, one could no longer deduct a bribe. Believe it or not, up until 1994 bribes were tax deductible. Granted, the former minister of finance, our future prime minister, plugged that one, but he specifically left exemptions big enough to drive a truck through, big enough to drive a--