Mr. Speaker, I thank my colleague, the minister responsible for democratic reform, not only for the question but for his leadership on this file and for introducing Bill C-21 to begin with.
He has asked a very good question. I think I referenced in my speech that Canadians have many concerns regarding the entire political process. Some Canadians feel there are too many loopholes which allow politicians from all sides of the House an opportunity to abuse existing rules when it comes to political financing and political loans.
This bill goes a long way to giving the general public the needed assurance with respect to financial transactions when dealing with leadership campaigns that contribution limits, et cetera, will be adhered to, because Bill C-21 does close a number of loopholes. I mentioned the most obvious. Bill C-21 will prevent individuals from lending money to candidates. That has been the biggest source of abuse that we have seen.
In past leadership campaigns, in opposition parties in particular, we have seen a steady pattern of wealthy individuals lending several thousands, and in some cases, hundreds of thousands of dollars to a leadership candidate with no obligation for the candidate to repay the loan.
I say “loan” very suspiciously because if there was an agreement at any time between a candidate and a lender, where the lender said, “I will give you $100,000 for your leadership campaign and don't worry, brother, you'll never have to repay it, because I'll simply write it off”, it would not be a loan; it would be a contribution. That would seriously violate the current election financing and Elections Canada laws with respect to contributions to candidates.
We want to see that potential abuse stopped. Bill C-21 does exactly that. It closes the loopholes that have existed for far too long.