Basically, the results of the study show very clearly that when a Canadian multinational goes to Latin America, there is a complementarity between Canadian trade and Canadian foreign investment; when a Canadian multinational opens a production facility or an office in Latin America, that increases the footprint of Canadians in that foreign jurisdiction, which increases the demand for Canadian production in Canada to service that foreign market.
If they use a conduit like Barbados, the tax benefits associated with that use, because the income that flows back to Canada from those foreign operations, come back to Canada at a lower tax rate or at no tax. Then that Canadian company is better able to compete with American and European multinationals that are operating in those same foreign jurisdictions and that have access to the same financing structures. This is not something that's unique to Canada, and eliminating this conduit possibility for Canadian multinationals would make Canadians less competitive in those foreign jurisdictions.