Thank you, Mr. Chair.
Thank you all for coming.
I want to ask a couple of questions on the emissions allowances. I've had to read it a few times just to make sure I fully understand it and I would just like some clarification.
Essentially, if I'm reading it correctly—and I'm actually going off the Library of Parliament brief right now—the emissions allowances are treated as inventory. However, they're only included as income for tax purposes if the accumulated emissions exceed the taxpayer's emissions allowance. Is that correct?