Thank you, MP Morantz, for the question and for pulling that out.
I was freelancing a bit in my comments, so for anybody who was listening through translation, I hope that came through.
What I meant was recognizing that there are lots of reasons the government might have wanted to raise the capital gains tax. When I said that not all capital gains are created equal, what I was really referring to is a difference between productive investments—productivity-generating investments—and other investments.
A non-productive investment is your cottage. If the government really needs the revenue and they want to tax that, go ahead. We hear about this all the time in terms of a productivity gap and in terms of lagging growth in Canada. We want to create tax policies and policies in general that incentivize Canadians and others to invest in Canadian businesses. What we're suggesting here is that if you need to raise taxes somewhere else, we can talk about that, but we would suggest that you should not raise capital gains on Canadian investments in Canadian companies, the kinds of companies that list with us, and private companies as well.