Mr. St-Cyr points out quite accurately that the current system does provide a tax incentive for contributions, which is the fact that the interest growth on the contributions is sheltered from the effect of annual taxation until the point of withdrawal by the student.
Your projected number of over $500 million annually is based on current contribution levels continuing, which we both agree is not an accurate hypothesis because most likely contribution levels would increase. Does your tax loss number take into account the reality that the interest currently is also tax sheltered? In other words, under a perpetuation of the current plan, there would be no revenue to be gained by the government from the interest earned on the contributions once they are tax sheltered in the name of the child in any case. Is that impact number a number net of that fact, or not?