Finance committee  The number we've talked about, and again it's simply an estimate, was about an allowability of about $150,000. So that would be roughly 15 years of being able to make retroactive contributions. Our number is $150,000. It is interesting that in the Senate banking committee recom

Finance committee  Yes, we did estimate the cost. I don't have that figure here right now, but I would be pleased to send it to you. We gave that estimate to members of this committee a year ago, I believe.

Finance committee  I think it's about $1 billion, something in that order, yes.

Finance committee  Yes, that's right.

Finance committee  That's true. That's correct, yes. Our industry I think functions well. You mentioned the passport. This is a system that works very effectively to monitor the regulation of small companies.

Finance committee  I agree with that. The problem is that our securities regulation extends far beyond capital raising, and for those other reasons we've advocated a single regulator.

Finance committee  I will make a couple of comments, since you made reference to our brief. The first point to make, which reinforces what you've said, is that our third pillar works quite effectively: tax-assisted savings plans. I think that flexibility would be helpful. I think the Senate bankin

Finance committee  No.

Finance committee  I can tell you C.D. Howe has done a study of this, looking at the comparison between the two, and I'm not convinced that's the case.

Finance committee  In other words, you're saying that their salaries more than compensate.

Finance committee  You're right, and it's for two reasons. One is that the statistics look at the average usage across different income groups. Lower-income Canadians tend not to use them. In fact, Malcolm Hamilton, who has a high reputation with Mercer as an actuary, has indicated that in retire

Finance committee  I guess my comment on that would be the slogan that was used at the Carter commission, which goes back 40 years now: “A buck is a buck is a buck”. What we're trying to indicate here is that there are certain investments and certain income flows, certain capital gains, and parti

Finance committee  I don't know. What I'm saying now is that the effect of capital gains tax is 25%, whether it's 20% capital gains tax or 22%. I'm just saying that to make it lower would provide an additional incentive to—

Finance committee  I guess it depends on whether you—

Finance committee  If the ultimate result were the same, you could change the inclusion rate and lower the tax rate. You're right, you could get to the same result.