As I said, I've certainly seen behavioural changes in how investment funds are being held.
I'm a big believer that the tax tail shouldn't wag the dog. If you follow that simple analogy, what we're now seeing, of course, is that because of the very punitive results of these passive investment rules, which ultimately can result in a marginal tax rate of about 135% in Ontario and about 130% in Alberta, with those very negative.... Any time you're taxed over 100%, you're going to see behavioural changes regardless of the tax tail wagging the dog.
Yes, I am seeing that.