Mr. Speaker, representatives of the real estate industry were on the Hill yesterday. Regrettably I did not have an opportunity to meet with them and hear their representations, although a meeting had been set up.
Their concern is with respect to deductibility of the costs of property where there is a question of gain. This arises out of a Supreme Court decision when the government took the position that where there was no real prospect of making money on a property and having a capital gain then the deductions would not be deductible.
An example may be a hobby farm where the expenses are being run through it, therefore reducing other income where there is no real prospect that it will make money. Maybe that is a poor example, but it is the only example I can think of off hand. That is the dilemma raised by the representatives of the real estate industry arising out of the case before the Supreme Court.
I look forward to the opportunity to talk further with them to see whether there is something that can be done on that issue. On the face of it, the government's position is that of the decision made by the Supreme Court of Canada.