Merci. Thank you, Mr. Chair.
Welcome to our two witnesses.
I would like to make two comments and ask each of you your position on these two points.
The first is that we had five expert witnesses some weeks ago, and the question arose as to whether the principal abuse that should be addressed in the area of interest deductibility had to do with debt dumping. And all five said that the key thing was debt dumping. That was the real source of abuse where significant additional funds for the government could be found, and double-dipping was much less important.
This is my second and related question. We've heard from a number of witnesses that if companies were limited to a single dip--a single deduction, as it were--they would choose to take that deduction in Canada, by and large. So the net effect of the policy would be to increase the tax revenue of foreign countries at the expense of Canadian companies.
I'm not quite sure if that's right, because the U.S., I think, has a slightly higher corporate tax rate than Canada, but I'd like, if I may, to have both of you give an opinion on both of those issues.