When the previous government abolished their tax credit, we fought day and night to try to overturn that decision.
The tax credit is extremely important in raising venture capital. Canada is at the back of the pack among OECD countries when it comes to venture capital. Some countries are leaders in the field, like Israel and the United States. They are doing some very interesting things and we should be learning from them.
In all the OECD administrations, Quebec is behind Israel and the United States in terms of venture capital. We must also remember that private venture capital companies supported the labour-sponsored funds tax credit, because the two can work together.
Currently, 160,000 jobs are supported by capital from labour-sponsored funds. If the tax credit had not been established or if it had been reduced and eventually eliminated, 20,000 of those jobs would have disappeared.
My only regret is that the tax credit has not been immediately put back to 15%, as the Liberal Party committed to do during the election campaign. They committed to reset it to 15% immediately. It is at 5% this year.
Thank you.