Thank you very much, Mr. Chair. My first question is directed to Mr. Murphy.
You referred earlier to the possibility of interprovincial losses which may have occurred if steps have not been taken to deal with the tax benefits inherent in income trusts.
I fully understand that you would have to forgo revenue from businesses in your province if they were to convert into income trusts, because the taxes would be paid in other provinces. But isn't the opposite also true? Aren't there income trusts in your province from which, should the companies go public, you would no longer be able to collect taxes because they would be withheld outside your province? For example, if an individual in your province has income trust units in a company which mines oil in Alberta, as things currently stand, any taxes would come back to your province. Moreover, if this trust were to become a publically traded company, the money would go to Alberta.
Have you done the math to make sure there is really a clear difference?