Mr. Speaker, I very much enjoyed the speech of the distinguished member for York South—Weston, and distinguished he is in this House and throughout his career in politics, including his many years in municipal politics. He is extremely well regarded in the Toronto area. Indeed he has brought those same qualities of class and dignity to the House of Commons over the last eight years. He truly knows a lot about integrity, about elections, about financing for elections and matters of that ilk.
My understanding of the legislation at this point is not as deep or as comprehensive as is his. I am not embarrassed in saying that, because he obviously knows this bill thoroughly. As I understand it, if a family member, a friend or an associate wants to lend to a candidate $2,000 on some repayment terms, the legislation will preclude or prohibit the family member, friend or associate from making a loan in excess of $1,100 per year.
I would like to ask the member for York South—Weston, is my understanding correct about that?