I don't think that's tax avoidance at all, but I'll just give a quick example to tie in with what you were just saying.
If you have a mutual fund that's investing in a Japanese fund or Japanese markets, in many cases you'll have investors not just coming from Canada; you'll have investors coming from all different jurisdictions. We're a very small player in the global scheme. U.S. private equity, for example, is a very important capital source around the world. U.S. private equity often invests through Cayman into the partnerships. Partnerships are fiscally transparent so they're not taxed at all. It doesn't matter if they're in the Cayman Islands. You could be in Canada. Canadian partnerships are not taxed. They're also fiscally transparent. The reason partnerships, particularly from mutual funds or RRSP investments are very important is that you might have a tax-exempt pension fund in Canada, a charity from the United States and a taxable investor from Japan all investing together. They're not going to want to invest in a Canadian company if the underlying investments are in Japan. They're going to want to invest somewhere where there's tax neutrality, such as the Cayman Islands.