I think it is definitely the case; there's no question. In some industries, the oil industry, for example, especially out in western Canada, it's important to remember that if the U.S. goes through with its corporate tax reduction, the new rate of 20% will apply in most economically significant states and will make theirs lower than ours, whereas ours has been lower than theirs up until now. That means that Texas and Ohio will be down to 20%. States like Michigan and New York will be down to 26%. This will definitely affect investments, and projects will definitely be invested in in the U.S. rather than in Canada. We are definitely seeing this type of behaviour in some industries, especially the capital-intensive industries such as oil.
On October 18th, 2017. See this statement in context.