The question is not how much I have spent on government. The spend on government is with respect to paying for permits, etc. The primary cost is the carrying cost of having a building sit vacant for effectively five years now. That includes interest, heat, light and power, property taxes, utilities, insurance, etc. Those costs are approximately $100,000 per year.
May I also I point out that because it's a project that you're developing, as per our wonderful CRA, I do not have the ability to deduct those costs. I actually have to capitalize them. I have to make $200,000 in order to have $100,000, because I pay in after-tax dollars, and I get to capitalize it. Then, once it's completed, if it's completed, the deduction is 4% per year. Basically, with all these carrying costs, etc., I get to deduct at 4% per year into infinity.