Finance committee  I'm going to let Trevor deal with that one. While I defer that to him, the one thing, Mr. Julian, that I would point out around modelling—because we have been looking at it, as you say, for a while, for the reasons that Trevor has given—is that this delineation question is at the heart of it.

Finance committee  It's just a quick point, Mr. Chair, to emphasize the complexities that Trevor and I have been speaking to around the boundary, and to answer your question around the extent of amendments. Surplus stripping is a challenge for governments generally. There's a lot of case law on the point.

Finance committee  Mr. Chair, I'll start, if that's fine.

Finance committee  Our plan was that I would spend a few minutes providing a little bit in the way of opening remarks and context-setting around Bill C-208, and then I would turn it over to Trevor to provide a little more detail, in the form of examples, to help illustrate the key points we'd like to make today.

Finance committee  I have just a handful of observations. I know the committee has heard from a number of witnesses and is pretty familiar with the content, the purpose and the policy underlying Bill C-208, but to level-set, it's obviously intended to facilitate intergenerational transfers of a business that are otherwise caught by a surplus-stripping rule under the existing tax system.