Thank you.
I have a number of questions, and I appreciate your presentation, Mr. Orr, but I want to limit it to one question, because the committee does have some other business that we have to deal with.
I appreciate your comments with respect to the capital cost allowance, that if we do this, it should be done for the general issue of productivity rather than for one sector or another.
I did want to ask about the scientific research and experimental development tax credit, the SR and ED tax credit, because there are a number of companies from a broad range of industries that have come forward to the government and are asking for the SR and ED credit to be made refundable.
In our manufacturing report, we've recommended that the government consider this, but obviously it goes beyond manufacturing. Finance Canada's response officially seems to be that this is an $8-billion fiscal cost over five years, which many of the companies themselves are saying is actually $1 billion per year.
But what I want you to address, which I thought was quite interesting, is that you said the fiscal cost never reports back the economic benefit stimulated by that particular cut. So if I could, I know it's officially not on the dollar issue, but if you wanted to comment or provide me with something on the SR and ED issue, the finance department does say the fiscal cost is $8 billion over five years. Do you have any comments on that? And do you have any comments with respect to the benefit of amending that to make it refundable for companies?