Finance committee  Perhaps I don't understand the question, but I'll try to answer it. Lawyers, accountants, architects—a lot of them operate without having a corporation. They operate via partnership. They pay taxes themselves. They just share the profits. Really, that's what a trust is. So whether a corporation pays the taxes or the shareholders pay the taxes, it doesn't matter to me, as long as the taxes are being paid.

Finance committee  Thank you very much for the opportunity to present today. I'm a chartered accountant and have been a research analyst in the trust sector for over seven years. My work is focused on trust structure, taxation issues, and evaluations. Like Gordon Tait, I am a research analyst, and my comments will represent my own views and not necessarily the views of the Royal Bank of Canada.