It's a great question.
My colleague, David, mentioned in his remarks the QSBS in the U.S. where for the first $21 million in gains, there are no capital gains on an exit of any start-up. It doesn't have to be technology; it can be in any industry. We personally know many founders who are making that calculation. They are saying, “It's costing us hard-earned dollars to build our company here. We want to be in a place that rewards entrepreneurial spirit and celebrates those wins.”
At a bare minimum we have to match what's happening in our neighbour to the south, but I think we could go a step further. We could eliminate capital gains for start-ups, period. The point is that we can't just be in parity with the regulatory regime in the U.S. We have to be better. I think that would be a great start to catalyze and change the tone, frankly, to reverse what Chad was talking about.