Thank you very much, Madam Chair.
Good morning to all the witnesses. I thank them for being with us today.
I'll start with you, Mr. Hallward.
First of all, I commend the work of the foundations. I am very sensitive to the fact that this sector is experiencing difficulties, somewhat like the community sector. However, we must remember that foundations are funded in part by public money, tax expenditures and tax credits granted by both the federal and provincial governments. There are tax expenditures in there.
You're proposing to tax a very small portion of the return on foundation investments to fund a national social sector fund.
Are you not concerned that, by doing that, you are going to allow the government to perhaps directly interfere in the way the investments in this fund will be made?
Furthermore, I note that most foundations act in provincial areas of jurisdiction, particularly in the health care sector, the children's health care sector and the education sector. In Ottawa, there's already a problem with spending power, because the government imposes conditions on the provinces in exchange for transfers.
Again, wouldn't your proposal create new interference between the federal government and the provincial governments, which have well-defined constitutional jurisdictions in certain areas?