Finance committee  In my remarks, my intention was to mention the fine tuning, and this goes on in a number of different venues including the joint committee of Mr. Hayos's group and the Canadian Bar Association—lawyers and accountants with expertise in tax. They sit down, and they work very closel

Finance committee  I think people are taking this obligation very seriously. I think the government is beefing up the form itself to require more detailed reporting and more specified sources of income. So I think people have taken heed of that step and are being very diligent in terms of reporting

Finance committee  Yes, with the additional time given for reassessing, I think that's also of assistance to the CRA.

Finance committee  They may no longer be a not-for-profit organization if they are in business and making a profit. That may actually take them out of that scheme.

Finance committee  I know from my own experience the leveraged life plans for investors were certainly quite popular.

Finance committee  Well, Mr. Chair, I believe the Department of Finance would have all the numbers in terms of taxes to be recovered respectively, as a result of these changes, of plugging the loopholes, which I believe is an important part of preserving the integrity and fairness of the entire tax

Finance committee  As you know, the Canada Revenue Agency administers and enforces the Income Tax Act. They have a daunting task, especially when taxpayers do not fulfill obligations imposed on them under the Income Tax Act, particularly with respect to assets that they own offshore that may produc

Finance committee  Thank you very much, Mr. Chair. I will preface my comments by noting that I'm here as an individual. I'm not here as a representative of my firm or of any of my clients. Accordingly, my comments and answers to questions will reflect my own personal views only. By way of backgro