What we calculated is the impact on the financial incentives. From a company point of view, whether you use it in the same year or use it in three years, it's going to disappear. The gap, just on federal, we estimated as $663 million per year instead of $500 million. The other thing you need to take into account is that all provinces except Quebec that offer a provincial SR and ED use the CRA to administer their own SR and ED program. All of the measures announced in the budget—excluding the ITC rate reduction because each province can choose their rate—in terms of capital expenditure, the reduction of the proxy use to claim overhead costs, and the profitability aspect of third party...they would probably automatically just reduce in the same way, just to copy the federal model. You have to add another $80-something million to that.
In total, you are talking about $750 million in reduced incentives for companies. How that will impact companies' actual investments in R and D...based on the surveys we have done, the reduction of business R and D expenditure will be between 25% and 30% as a result of these measures. You're talking somewhere between $1 billion and $1.5 billion, according to the survey we conducted this year.