Hon. Donald Neil Plett (Leader of the Opposition): Honourable senators, my question is for the government leader in the Senate.

Leader, in June 2021, during the debate on Bill C-208 by Manitoba Conservative Member of Parliament Larry Maguire, you stated:

Bill C-208 would provide considerable benefits to some taxpayers in the form of tax-free distributions of corporate surplus without adequately ensuring that a genuine intergenerational business transfer has occurred.

In the recent NDP-Liberal budget, the Minister of Finance announced that her government will consult on changes to be made to the Income Tax Act concerning this legislation that received Royal Assent last June.

Leader, after you urged the Senate not to adopt Bill C-208 last year, your government is now of the opinion that there is no urgency, the consequences are not that important and that a consultation with no set date will be sufficient.

Senator Gold, do you stand by your remarks of last June, and if so, how do you explain that your government doesn’t share your view that it’s urgent to correct this situation? Also, did you overstate the dangers of Bill C-208, or is the NDP-Liberal government leaving a loophole in place? Which is it, Senator Gold?