What I was speaking to on that point is that U.S. institutions, primarily big pension funds and endowments, that would like to invest in venture capital firms managed locally in Canada run into technical problems with the Income Tax Act. I think other folks have spoken to the committee about this, but it has to do with how limited liability corporations are treated under section 116 of the Canada-U.S. tax treaty. There are a host of technical problems that inhibit those large pools of capital from being invested in local Canadian-managed venture capital firms. I would certainly encourage this committee to look at that.
On October 26th, 2006. See this statement in context.