According to the surveys of our members, the majority of businesses that do not have their head offices in Canada but that have subsidiaries in Canada, make their decisions on what are called global product mandates at their headquarters.
When you consider 40% to 50% of manufacturing sector companies whose headquarters are outside Canada, the reduction in research and development tax incentives will definitely have an impact where the decision is made because those companies have a more global perspective.
I do not mean that companies based in Canada do not necessarily have the ability to go and see what is going on elsewhere. As I said earlier, companies such as Magna and Bombardier are able to conduct research and development in other countries. Those are decisions that are made based on a host of factors, but the research and development tax credit, that is to say the return on investment from a tax standpoint, represents something important. Eventually, I believe that, when these decisions are made, whether the head office is in Canada or not, the generosity of the tax credits will definitely be discussed. There can be no doubt about that.