Yes, I think I do. The governor referred to inefficiency issues, however he also said that benefits could be derived from trusts. A series of criteria and regulations should of been developed, in my opinion, to prevent what I referred to as undesirable conversions. This would have averted the complete demise of the sector, and at the same time forestalled the damage and ramifications which result from such conversions.
Should the government decide to go ahead despite everything that has been heard, especially when it comes to the eligible lost of tax revenue, it should at least have the decency to somehow clean up the mess. Mr. Dancey referred a couple of times to the importance of stopping double taxation, should the bill go ahead. As things currently stand, if trusts were taxed in addition to taxing RRSP withdrawals, we would end up with incredibly high tax rates in the realm of 57 to 63%.