I would agree that it's a fair assessment. Overall, we were pleasantly surprised when we saw the budget.
There are three aspects of the passive income that I think we should look at. First, because the budget was announced on February 27, there were transactions that may have happened between January and February, such as disposing of large portfolios or doing things like that, that created capital gains. That activity pre-budget will impact the ability to get a small business reduction in 2019. There is a bit of a timing issue in the implementation of that.
The second issue is whether $50,000 is the right number to start the lower threshold. Some would say it is not quite high enough. The last issue with the passive income is the interplay with the RDTOH regime. It carries with it a lot of complexity. This is going to be difficult to administer. It is going to be difficult for accounting firms and especially small businesses that don't have very advanced advisers.