That is certainly the case.
I would like to come back to the impact of this measure on the provinces.
You said that, in 2080, there would be a loss of tax revenue of $77 billion at the federal level and of $39 billion at the provincial level. I'm not sure whether that is before or after doubling the TFSA. Perhaps you can clarify that. For Quebec, my province of residence, this means several billion dollars that it will not be able to invest in education and health.
Would it not have been a good idea to bring the provinces together to reflect on this measure? I know that it is a political question, but before initiating a measure that takes $39 billion from the revenue of the provinces, it seems to me that they should have been consulted.
Thank you, Mr. Fréchette.
Thank you, Mr. Chair.