For your first question, whether we see our clients considering moving, and/or moving to the United States, we absolutely do. There is a cumulative effect of a lot of changes over the last five years, let's say, that have made it harder to compete in Canada. Some of those are regulations. Some of those are tax motivated. We have clients right now who are moving manufacturing operations south of the border.
Tax is a concept of two things: a computation of the income, and also the rate. Our computation of income is not competitive and our rate is not competitive. We layer two issues on top of each other, which is making it less profitable to do business in Canada, and less likely we'll be able to compete with our neighbours south of the border.
There is also an issue in the United States right now with the rise in the made-in-America approach. Some of our clients are trying to access the ability to say that they are made in America, versus made in Canada.
But the rate is very significant. We strongly believe that the corporate tax rate should be reduced. It's 27% right now. The Americans are at 21%. We are one of the highest in the OECD. We are higher than the average. Great Britain is below us. France is below us. The United States is below us. We have burdensome red tape, we have high taxes, and in order to improve competitiveness, we have to deal with both of those.