Finance committee  As a brief summary a number of exchanges are listed in the Income Tax Act. The registered investments that may be invested in them are deemed to be the designated stock exchange. It is a very limited list, mostly North American and European exchanges. The world has been shifting.

Finance committee  Thank you.

Finance committee  It's a different line of work, to be sure, and I can't speak with any great degree of expertise, but there is obviously a right balance to be struck. We encourage anything that will help Canada and Canadians grow their retirement savings to retire comfortably and with security,

Finance committee  I don't have any empirical evidence to point to that would enable me to support any specific numbers, but I certainly support anything that will lead to greater retirement savings.

Finance committee  Do you mean in the sense that is there another alternative in any area or any industry that would replace the income lost if we were to remove the GST/HST on management fees?

Finance committee  To be clear, these are on investment management fees. We want to encourage—and I think everyone wants to encourage—Canadians to save for their retirement.

Finance committee  Yes. In seeking out professional counsel to assist them and maximize those savings going forward, we think it really helps and will help all Canadians to not be hit with this tax on an annual or quarterly basis, but rather at the time they actually choose to withdraw that money a

Finance committee  That's my question. As you know, currently through our CSA, the Canadian Securities Administrators, we do have a number of national instruments that go across the country; however, there are gaps in that. I have concerns and we have concerns that it's a sort of two-tiered system,

Finance committee  To a degree, yes, that is what we're talking about. In addition, I can't speak to this with a great deal of expertise, but I want every option explored. I think we need to consider many different ways in which to encourage Canadians to save through different policy alternatives,

Finance committee  I do not at this time. I'll be happy to take this back to discuss with my colleagues and present something in the near future, point by point.

Finance committee  I believe it would be for someone else to maybe argue that we remove all of the others. In terms of the absolute quantum we'd be discussing, I can't speak to that right now. What we are suggesting, however, is that that consumptive behaviour will occur; this is simply deferring

Finance committee  Thank you. My name is Scott Mahaffy. I am the Chair of the Industry, Regulation & Tax Committee of the Portfolio Management Association of Canada. Katie Walmsley, the President of PMAC, is here with me today. PMAC represents almost 200 investment management firms across Can