Thank you Mr. Chair.
I would also like to thank the panel of witnesses. I know there are a lot of complicated subjects, and to have only five minutes is certainly a challenge in terms of the important issues you want to present to us.
I'd like to start with Mr. Penney.
You briefly talked about the importance of tax reductions for corporations. We will also get you to lead into some of your suggestions. But as you're probably aware, there has been great debate amongst the different parties on the value of tax reductions. Some people believe that if you simply raise taxes to corporations, government will solve the deficit problems. So I would like you to talk about that on a broader scale, in terms how those will continue to be important. As you're probably aware, we're planning another reduction in next year's budget.
Then, because it is fairly complicated, I'd like you to talk about those two regulations to help me understand a little better what you were talking about there and what those impacts might be on the government's bottom line.