Thank you, Mr. Chair.
Mr. Hayne, I want to clarify something. Throughout this hearing you've been speaking a little bit about the luxury tax or answering questions on it. I think you proposed earlier that if people bought their boat in the U.S., they could avoid the tax. From my reading of it, I think to avoid the tax, a Canadian citizen would have to not only buy the boat in the U.S. but also keep it there and register it there. Is that your understanding of it?
To me what that means is that a company that moves to the U.S. to sell boats to Canadians, which I think was part of the discussion earlier with one of the members.... Even a U.S.-based manufacturer of boats, if they're selling to Canadians, would still be exposed to the tax. In other words, there's no way to avoid the tax. There are no loopholes in this unless a Canadian is willing to buy the boat in the U.S. and keep it there and register it there.
Is that your understanding?