It's very important. The corporate income tax rate reduction is important because it increases the after-tax cashflow of businesses. Why is after-tax cashflow important? It's important because it's the main driver of business investment in either knowledge technology, people, or capital. We have been arguing that there would be 200,000 fewer Canadians employed today without these tax reductions.
We also published at the time a report on the economic impact of CIT cuts. We have been quite supportive—I would say across the board among our membership.
Of course, the CIT rate is never the real rate, because there are other tax features that will alter the taxes a company will pay, according to its particular situation. SR and ED is one of them, among others including the depreciation rate used by the CRA on machinery and equipment, taxes on capital that have been eliminated in Canada, and harmonization of sales tax as another one. There are many factors.
But the CIT is definitely the overarching tax rate.