Thank you very much, Mr. Chair.
Welcome to each of you.
I apologize. I arrived late, so I missed a couple of the presentations, but perhaps I will be able to ask questions anyway, as I've had a chance to look at your submissions.
My first question is for Mr. Johnson. I just want to say how much I appreciate that the title of your executive summary is “An Opportunity to Unlock Greater Private Wealth for Public Good”. I think that's rather inspiring.
In your summary you say that the total tax revenue cost for the federal government would be approximately $40 million. Then you say that the net foregone federal tax revenue on $100 million of charitable funding would be $11 million. I just want to provide you with an opportunity to explain that for the record.