Relating to how difficult it is to understand the subtleties of financial institutions, I believe the issue is whether a service is financial or not. Yesterday afternoon, in this room, Mr. Martin made some excellent comments about that.
Let us look at the definition of asset management services. If I am not mistaken, when I ask an accountant to prepare my tax report, he will charge GST, QST or HST, but that may be a matter of interpretation. An accountant is an accountant and there is something called the Chartered Accountants of Canada. A doctor is a doctor and there is something called the College of Physicians. However, when we talk of asset management, I suppose that when he was in business, Vincent Lacroix--I see you raise an eyelid--he used to collect sales taxes since he was well known and had an official business. He was supposed to operate legally. When Earl Jones was doing business in his basement, did he collect GST and QST from his clients for the services he supposedly provided?
How far can we go with this kind of subtleties?