Madam Speaker, I want to thank my colleague from Skeena for his passionate speech on this subject which really makes Canadians' blood boil the more they think about it.
I have looked on the websites of a lot of chartered accountants and they advertise tax-motivated expatriation. That is the code. Those are the buzz words for sleazy tax-cheating loopholes. That is what it is.
Perhaps my colleague would like to comment on something I read in an article by Diane Francis, a right-wing journalist, in the National Post. She was calling the public's and Parliament's attention to one of these sleazy tax-cheating loopholes, her words I believe, involving family trusts. A wealthy family can expatriate its entire fortune for a one-time payment of 25% tax. From thereon after, all the money earned out of country by that block of money, even if it is repatriated into Canada, is tax free.
The children of that wealthy family, and there might be dozens of them, could all be getting an income from that offshore pool of money and never pay taxes again on that money expatriated from Canada.
The United States does not allow it. I do not believe there is a western country in the world that allows it. I wonder if my colleague has heard of that and thinks we should address that as well.