Finance committee  I don't have much more to say beyond what Mr. Poschmann said. As indicated before, we take in our estimates—we're doing budgetary estimates. When you're looking at a full life cycle, you have to do the kind of calculation that Finn Poschmann raised. The other aspect you have

Finance committee  I can start. I'd say the same thing as I said at the last committee meeting. In terms of the $3 billion impact of going from four years to ten years, it was calculated based on the corporate tax rate reductions, including the resource tax rate reductions, going from 2006 or 2007

Finance committee  The only point I would add is that, as I mentioned earlier in my remarks, the $500 million is net of one-time capital gains. To project the $3 billion, you don't take that into account. You start off with the ongoing impact and you take into account reductions in the corporate ta

Finance committee  If I could just complete the comment on the effective rates, new Statistics Canada data would imply that business trusts should actually have a higher effective rate than in the paper—about one percentage point higher—which would mean the revenue loss is $100 million or so more t

Finance committee  The $3-billion figure that the minister quoted the other day took into account the legislated tax changes from 2007 onward. The estimate that the minister provided in the background is for 2006.

Finance committee  It's important—and the backgrounder attempts to do this—to understand that there are ongoing tax losses from income trusts over a number of years. They are offset by a one-time capital gain in 2006 for conversions that occurred in the year, but you have to look at what's ongoing.