Finance committee  Thank you. We have taken into account the impact of the fiscal measures the government introduced in the budget and before the budget, so our projections reflect those. We have shown the impacts as being 0.05% growth in the first year, in 2016, and about 0.03% in the second year, in 2017.

Finance committee  Thank you. We do not really know why the Department of Finance decided on an adjustment of $40 billion. That said, governments have used private sector forecasts for 20 years to give fiscal forecasting an element of independence. However, when the adjustment is very large, this element of independence disappears completely.

Finance committee  We use different economic models. Every forecaster uses different economic models, and the assumptions are different. There is usually a difference between the various multipliers, depending on the model used. I don't really have a more specific explanation than that. It is because of different models.

Finance committee  Thank you for the question. Indeed, there are always some discrepancies in the multipliers in the various models. Our multipliers are a little lower than those of the Department of Finance. Representatives from the Bank of Canada said they used the same multipliers as the Department of Finance.

Finance committee  That is correct. The way that we have done this study is that this is just a reallocation of the savings that you already have in different forms, whether it is in equities, savings accounts, mutual funds, or anything else. We just switched those from the taxable instruments to the TFSA, which will...to benefit from the tax exemption.

Finance committee  Typically, you're right. Typically, if there is more uncertainty, you try to have more contingency for the uncertainty.

Finance committee  I wouldn't know that, sir.

Finance committee  We are actually planning to release a new fiscal sustainability report in the next couple of months, which will take into account the new measures that the government has introduced, certainly. We haven't really done the calculation, but obviously things like the TFSA could reduce the overall fiscal room the federal government has; how much, I can't really say right now.

Finance committee  Typically, yes; the marginal propensity to consume is higher in lower-income households, absolutely.

Finance committee  You are absolutely right, sir.

Finance committee  No; I guess what you're saying would be correct if there are extra savings as a result of the policy, because that money has already been invested in other instruments, and again, the companies continue to benefit from those investments already—

Finance committee  Again, I guess my understanding of your question is that if you move your money from, let's say, another savings account or another equity into a TFSA, you haven't really changed the amount of savings and investment you have had. So the benefits to companies will still be exactly the same benefits.

Finance committee  I'm not quite sure what you're referring to. Your question is about— the definition of the tax expenditures....

Finance committee  I'm sorry, I don't—

Finance committee  Yes.