A major reason our corporate income tax profile is, let's say, flatter as a share of GDP compared with personal income tax has to do with the fact that the proxy we use for the corporate income tax base is corporate profits before tax in the system of national accounts, and this has been very weak throughout the past two or three years. What's somewhat of a puzzle is that the taxable income base, as we see on CRA's T2 forms, has held very strong. Commensurate with that, corporate income tax revenues have been very strong as well.
Given that there has been very low profitability in recent years, we think this is going to lead to, let's say, great loss carry-forwards in subsequent years, which has led to us having a slightly weaker corporate income tax revenue profile over the next two or three years of our forecasts.