Finance committee  As I understand it, the Parliamentary Budget Officer also included a behavioural response, which had a very small proportion of a very small.... I think it was something in the region of $20 million. Over $6 billion was the difference.

Finance committee  That is correct, yes.

Finance committee  I think if you look at the effect of this measure and model it out, if the corporation wished to have the same after-tax cost of compensation and adjusted the number of stock options it granted to the employee, then there would be an impact on the employee's after-tax compensatio

Finance committee  Well, yes, but the corporation—

Finance committee  From the corporation's perspective, the corporation isn't getting a tax reduction—

Finance committee  —so it's not simply that the employee's stock option benefit is getting a stock option deduction; there's also an impact on the corporation. Overall, it's tax preference now, and the effect of the provision will be to move that tax preference for those affected corporations in t

Finance committee  We would not expect a significant impact, because the proposal is that the measure apply to options granted on a go-forward basis. Because of that, because they tend to have a certain duration, you would not expect much of an impact for several years, until the system is fully ma

Finance committee  Effectively, in respect of options to which it applies, the measure treats them as equivalent to regular compensation, fully included in income and deductible to the employer.

Finance committee  On the face of it—

Finance committee  Yes. We would expect an impact, because they don't perfectly match.

Finance committee  We try.

Finance committee  Perhaps I could comment on that.

Finance committee  We would expect that there would be an impact, because the two don't match in this sense.

Finance committee  Where the option is subject to the cap, the intent is to treat it as—

Finance committee  Sure.