Thank you, Mr. Chair.
Again, it's very frustrating that we have five minutes each to ask you all questions, so apologies to those who don't get asked questions.
I do need to begin with the Federation of Canadian Municipalities. Coming from the city of Toronto, I know how strongly the board of trade in our city has been advocating for infrastructure investments, especially in transit.
I'd like your opinion about whether spending on transit, for example, is just an expenditure or whether it is an investment, whether this is something that pays for itself over time. I think there's a very important distinction between spending for something on which we won't get any return and an investment. Can you comment on that?