I was anticipating the question. Let me speak to it more directly.
The assumption or the premise in those sorts of contentions is that the deduction in Canada is a given and the deduction in the foreign country is the gravy. I think that's not immune to challenge.
To take our example, our major trading partner, the United States, has a statutory tax rate that will be roughly five points higher than Canada's. In that circumstance, if you're allowed to take an interest deduction on a borrowing for a U.S. investment and you have to choose to make it in Canada or the U.S., then all other things being equal, I'd suggest you would make it in the U.S., where the tax deduction of the interest will be worth 35¢ on the dollar versus 31.5¢ on the dollar in Canada in a couple of years' time. On that view, the extra deduction is the Canadian one.
I think you heard Roger Martin suggest that we have more work to do in relation to our tax rates, that we are in good shape, perhaps because the United States has a relatively high tax rate, but that we're not better than everywhere else in the world, or better than everywhere else in the industrialized world. However, with the type of strategy that gets our tax rates down—we're targeting to get ourselves at the bottom of the G-7 tax rate structure—that sort of analysis has more traction and leads you to the view that the deduction will be taken generally, all other things being equal, in the country where the investment is made rather than in Canada.