Thank you, Mr. Chair.
Thank you very much to all of the witnesses.
I'd like to begin with Mr. Bruce. I think your testimony is significant in the sense that I believe you are one of approximately four people who have severely questioned the government's tax leakage conclusions. There has been no witness that I can think of who has defended the government's estimates. At the same time, the government has refused to release its numbers. I want to make sure the committee is clear in their minds of your conclusions.
If we go through your four points, your first point is that they've excluded already legislated corporate income tax changes, and the only way that could be rationalized is if you assumed substantial growth in the income trusts over the next six years, which is a crazy idea when income trusts are essentially being taken out of business. Is that a fair summary?