Thank you, Mr. Chair.
I'd like to ask Mr. Powell or Mr. Smith from Electricity Canada a question. I'd like them to clarify certain problematic points in the new Bill C‑59 rules restricting excessive interest and financing expenses.
This new regime aims to make it more difficult to use tax havens, and to do so by attacking two schemes: the deduction of interest between subsidiaries, and hybrid arrangements. This is what the OECD, the Organization for Economic Cooperation and Development, recommended to combat tax evasion.
You, on the other hand, would like to see private companies that generate electricity excluded from these provisions, since you consider them to be public utility companies.
Can you give us examples of electricity generation projects that would be at risk if this amendment were adopted?
We're trying to get a clear picture of the consequences and of which companies would be affected. You mentioned Nova Scotia and its small modular reactors. Is it the same for the nuclear industry in Ontario? Would it also be affected?