Further to Mr. Saxton's comments, I was present, actually, during the testimony, and we did hear from several expert witnesses and members of the Canadian venture capital and private equity community who expressed the view that the VCAP, venture capital access program, is not up and running, and that, in the interim, to eliminate the labour-sponsored venture capital tax provisions is irresponsible and threatens an already precarious venture capital industry in Canada. It has a disproportionate impact in Quebec and parts of Atlantic Canada, but it affects the whole country. It's a very important part of our innovation economy. Certainly, these changes ought not occur until the VCAP is fully operable.
Further to that, I recently attended the National Venture Capital Association annual meeting here in Ottawa and spoke to members of that organization. Many of them felt that in fact the VCAP is not fully operable yet.
As such, we don't support these changes.