Thank you, Mr. Chair.
I'm going to speak slowly because I'm going to ask my question in French.
I want to begin by thanking the witnesses. Their presentations were very insightful, including that of Ms. Tedds, who is in Victoria.
My first question is for Mr. Hayes.
In Budget 2013, the government announced the phasing out of the labour-sponsored venture capital corporations tax credit. However, that tax credit is very important in Quebec. It is said that over 80% of those regulated businesses are in Quebec. You talked about other provinces and the many challenges investors are facing.
Can you tell us what kind of an impact those measures will have on the economy?