Thank you.
If I look at Brookfield and other large Canadian multinationals—the largest financial services companies, like Manulife and Sun Life; the big banks, like RBC; and the big energy companies, like Enbridge—I would expect that all of them have some tax haven use. Barbados was the traditional choice. It's shifted more and more to Bermuda, because 0% is better than 2.5%, and the flight from Toronto is shorter.
I expect there's a lot of that in the large Canadian multinationals. It is a normal practice. As I said, our rules have facilitated and indeed, I would say, encouraged that, so the Prime Minister is right when he says that.
Does it result in some net benefit to us? It's a complicated question. You would say that, well, it's good for everyone who has an interest in the Canada pension plan, because Brookfield invests the money and makes better profits because there's less tax paid, and that perhaps results in more income tax back here eventually when people are withdrawing their pensions. However, it's difficult balancing that.
