Very briefly, Mr. Chair, our current estimates are about $10 million to implement the GST reduction over two years. That's on a reduction of approximately $10 billion, which is the $5 billion projection of the lower tax rate for Canadians, or it works out to about $1 to administer every $1,000 of tax reduction. Those numbers, of course, will disappear, because after the two years in which we have implemented the rate reduction we will fall back to our regular budget.
We don't have any estimates in terms of costs on the private sector. We are fairly confident, working with Finance and in fact, over the last few days, with the private sector and with industry associations, that we will be ready and they'll be ready. There are obviously some transitional rules we will be putting in place, and we'll be working with industry to make sure they're ready to make the changes. So far, what we've seen is that they see the ramp time to July 1 as being reasonable, not so long that it's going to have an effect on retail sales or the economy, but long enough for them to be ready.
That's our current assessment.