Thank you.
The committee members know how vocal I was about our position on this issue. Last year, a number of witnesses appeared before us, representing either labour-sponsored funds or private equity funds. The venture capital industry has clearly demonstrated that the contribution of labour-sponsored funds was essential to the administration of venture capital in Canada. Witnesses indicated that eliminating tax credit for labour-sponsored venture capital funds would jeopardize Canada's health in terms of venture capital, and that the effects of that elimination were being felt in Ontario.
Although Quebec is one of the main protagonists in that area, we also had a witness from Nova Scotia. It would be beneficial for that and other provinces to draw inspiration from the Quebec model in order to develop their venture capital system and improve their health in terms of venture capital. Why? Canada ranks near the bottom of the OECD countries, while Quebec is among the leaders in this area, with only the United States and Israel ahead of it.
The Conservative government decided to end this tax credit without conducting any impact studies on the level of Canadian venture capital. The officials in charge of that sector confirmed this fact. By proposing such an amendment, the government is continuing along the same path.
I appeal to the government—which will probably once again vote to phase out this credit—to reconsider its position and analyze the consequences of this action, especially if the Canadian economy and venture capital matter to it.
As my colleague said, that is why we will vote against this provision.