Mr. Speaker, I appreciate the member's remarks about our work together on the industry committee in the last Parliament. Indeed, we worked together very well and he was an excellent member of that committee.
For the viewers, the capital cost allowance allows a company to write off over a period of time its capital investment in equipment as an expense, a little bit each year. That allows that company to plan for replacing equipment. If the capital cost allowance write-off period is too long, it hampers that industry relative to another.
With the rapid change in technology in our society and in the world, we need to give companies a better ability to respond rapidly. Therefore, an accelerated rate of capital cost allowances can help industry, especially when it comes to climate change technology, auto technology, mining technology and forestry technology. We need to give our industries a leg up when it comes to preparing for the future. It requires a mix of corporate initiatives but that is a very important one.