Thank you, Mr. Chair.
Thanks to our witnesses for being here today.
My first questions will be along the same lines and on the same issue, and that is the labour-sponsored venture capital tax credit. My first questions will be for Professor Mintz.
Professor, you've been quite critical of the labour-sponsored venture capital tax credits. In fact, in your opening remarks, you said that not only have these credits been ineffective in generating more venture capital, but they have also helped to finance poor projects that should have never been funded in the first place. That's a fairly negative review. Can you explain why, in your opinion, these tax credits are not achieving their intended results?