Thank you.
Many fishermen throughout Atlantic Canada are incorporated, and many fishermen operate their business under their incorporation. People have purchased these fishing licences through their incorporation. After being audited by Revenue Canada, it's been deemed a personal investment, not a corporate investment. This policy has been under review. Many fishermen, as winter audits, have not yet had this finalized.
How could the fishermen purchase these fishing licences by using their corporations? There's been a recommendation to the minister to allow 100% wholly owned corporations to purchase the fishing licence using company money rather than after-tax dollars. Right now, the only person who can hold that fishing licence is the individual. The individual would be buying that licence with what I understand to be after-tax dollars, so therefore there's an extra cost. The fisherman has to take the money out of his company, pay himself, then pay for the fishing licence through a mortgage he may have at the bank.
So allowing fishermen to invest in their business with their business money is what a lot of people are waiting for. Adequate financing for individuals and/or their businesses would allow the growth that many fishermen are looking for within the industry. This needs to be resolved now.
Also, I'd like to make a point on the financing. I liked the new entrant program when you were talking about it. The Nova Scotia fisheries loan board has developed a new entrant program, a lending program for new fishermen. So I would suggest the panel contact the director of the loan board, Bruce Cox, to see what they have done for their new entrants, their younger fishermen.
Thank you.