Mr. Speaker, I am attracted to the statement that the parliamentary secretary made in terms of a level playing field. I am sure she would agree that a level playing field is one thing within the Canadian context and it is quite another thing within the global context.
Many of those same experts that the parliamentary secretary has cited in fact have also given the other side of the coin with respect to capital transfers. The situation being in source countries for capital investments in Canada, there is a regime in place that is similar to interest deductibility.
My question is one of confidence. How do people really accept the government's position that there will not be irreparable harm in terms of value added impacts on the Canadian economy for this particular initiative on interest deductibility when we see on the income trust front there has been huge harm done to people who have lost their savings?
In particular, how can there be confidence when I am looking at a T-205 form which indicates that there actually is an increase in the taxable income of a quarter of a per cent in spite of the pronouncements by the government that it has reduced taxes for those on incomes below $35,000? That is not a fact.
How can the Canadian public have confidence if this relatively small issue has such an aberration, if you will, in fiscal legerdemain when, on the larger front, there is reason to believe that there will be a huge impact on the Canadian economy in terms of shifts of capital and the ability for Canadian firms to compete in the global economy?