Thank you, Mr. Chair.
Ms. Urquhart, I'm just reviewing your résumé a little bit. You have quite a bit of experience in relation to investment, and you are certainly a professional witness before this committee. I appreciate your being here.
I spent a lot of time reading your report of October 12, entitled “Income Trusts: Heads I Win, Tails You Lose”. When I read that report, it actually struck me that the first line in about a fifty-page report reads, “Business income trusts will likely suffer a 25% to 35% correction as an asset class.” That's not my question, but it was striking that you chose to begin a fifty-page report with that particular comment.
The income trust lobby has spent a lot of money on advertising. In my mind, they've put a lot of fallacies out there. Furthermore, today we hear that the finance minister is wrong. Obviously, the provincial finance ministers, by relation, must therefore be wrong. You must be wrong. Mr. Teasdale must be wrong. Anyone who doesn't believe there is tax leakage is obviously wrong, because we have counter information that says there is no tax leakage.
Would you like to comment a little bit about the types of assumptions that are being made on the other side? How can that be?