Yes, I am aware of that. I'm not sure if we've met with that specific stakeholder, but we have met with stakeholders on that issue.
We obviously can't say what a company will choose to do if they do have increased taxes as a result of this measure or any measure. They can pass that along. They can do what they choose with it. We can't say definitively what they will do with it.
Broadly speaking, there are a number of exemptions, including rules that relate to what's called the “group ratio rule”, which is a rule that said that if you do have a multinational company that is not able to benefit from one of the Canadian exemptions that I just discussed, you can look at the leverage ratios across that company's operations and look to what the leverage ratio is in other countries. If their Canadian leverage ratio is not materially higher than their leverage ratio in other countries, then they are able to have a higher leverage ratio in the 30% range.
Effectively, a company in an industry that is highly leveraged can be above the 30% ratio as long as it's not doing it in such a way that it is effectively eroding the Canadian tax base by having a significant leverage in Canada relative to its foreign operations. In those cases, including in the regulated energy sector, we would expect that exemption to allow those companies that are highly leveraged to have a higher leverage ratio, as long as they're not doing it effectively to fund their foreign operations at the expense of the Canadian tax base.