Mr. Speaker, the hon. member has made a very good point. If we are going to bring in tax fairness we need to be very careful in what we are doing. The Minister of Finance has been very clear. He said that what this will come down upon is the issue of double-dipping.
A case was brought forward at the finance committee the other day where the CRA pointed out a specific example of a Canadian firm that borrowed $200 million from a tax haven of at 10%. The firm deducted the $20 million expense but it loaned the money through another tax haven to another subsidiary that also deducted the exact same tax savings in the United States.
That is what we need to put an end to. We are not opposed to interest deductibility for investment abroad. We want to encourage Canadian companies to grow and be globally competitive. We also want to bring taxes down broadly but in order to do that double-dipping must stop.
I know the hon. member, if he understands the problem, which I am sure he does, supports us on that. Double-dipping must end.