You've accurately described the difference between the two in result, in that we don't tax and the U.S. will tax with a credit. My hesitation to confirm all of what you have said is that you included an assumption that the income bore underlying foreign tax roughly equal to Canadian tax rates. There has been an ongoing debate on that. It's not clear to me, frankly, that this was the intention in all cases. We have tax treaties we've negotiated with countries, with a range of tax rates among them, so it seems to me there's at least an argument, on the evidence of it, that our tax treaty network is not built exclusively on having treaties only with countries with rates equal to our own, but possibly just with important countries.
On May 15th, 2007. See this statement in context.