Mr. Speaker, as I mentioned in my speech, we are supporting the bill. We do have our concerns, and I laid them out in my speech. I spoke for 20 minutes on what I thought could be ways we could improve this piece of legislation.
I would also point out that this project has been ongoing since 2013 under the previous Conservative government. We supported the effort to establish the working group to curtail profit sharing and tax avoidance. The agreement in 2013 has developed into the multilateral convention.
I should mention that the previous Conservative government began cracking down on tax avoidance measures. One example from January 2015 is that electronic measures of $10,000 or more must be reported to the Canada Revenue Agency by banks and financial institutions. The actions were already being taken on this side of the House when we were in power.
Again, on this piece of legislation, I laid out my concerns. I am hoping that through the committee process, the committee is a able to work on and iron out some of the concerns I mentioned. I am sure some issues will be raised by my colleagues at committee and through the testimony, and we will be able to improve the bill and hopefully make Canada a more competitive place on the world stage.