First of all, in terms of the recommendation to go back to 20%, that's where the tax credit was when the program was started back in the 1980s, so we'd like to see it return to the 20%. When you couple that with the provincial tax credit of 20%, that's a pretty significant deal from the investor's perspective. That said, it is a very risky and speculative asset class, so there needs to be an incentive to draw people into it.
In terms of the maximum contribution, all we're saying is that it would be nice if it could be tied somewhere in the range of the RRSP tax credit. What's happened is that we've lost a significant distribution channel, because many of what I call the IDA firms, although I think the proper terminology now is “IIROC”, which are mainly the bank-owned brokerages, disincent their investment advisers from doing ticket sizes in the $5,000 range, so we've practically lost that distribution channel. There are no studies, because this hasn't been implemented, but we've done lots of analysis on what we think the results of these changes will be in terms of fundraising, and we think we'll add another $300 million a year to the annual fundraising capacity of the industry.
We have no issues in terms of deal flow. We think we can easily invest an additional $300 million to $500 million a year without much of a problem.