I share the concerns of many, and perhaps your question reflects this, on the difficulty that Canada has in retaining head offices and head office functions.
When I talk to people who work for multinational companies and ask them what it is that attracts them to Canada, they cite a number of positive factors. They cite the quality of the workforce, they cite the rule of law, and they cite the predictability of policy. We have lots of assets, and that's one of the reasons that you see as much activity by multinationals here in Canada as you do.
When it comes to the head office functions, I think there's a bit of a critical mass issue for us. I apologize for not attempting to say that in French. We do not want to see the professional services going south of the border, and as it becomes easier for people to work remotely and for functions in different companies to be spread out, I would like to see Canada doing what it can to retain talent. In Quebec, in Ontario, in several other provinces, we have top marginal personal income tax rates that are over 50%. I think when you get over 50%, you're sending a strong signal to somebody who is wondering where they would like to deploy their talents. It's not surprising to me that we see some head office functions moving to areas where the bite on that extra dollar earned is a bit less.
I don't think we can go down very far. Both politically and economically it would be difficult to do, but it would be very nice to see that top rate get down below 50%. Very often, including in Canada, when we've contemplated tax reform, people have said that when you get over 50%, that's psychologically and economically damaging.