Finance committee  I mean, the raw math of the matter is interesting. I have to say that it's difficult, if you're saying at this current point in time, to anticipate certain cyclical factors in terms of where the economy is going, or what is truly our underlying structural surplus or deficit.

Finance committee  If it's a rough—

Finance committee  It's largely due to the commodities sector.

Finance committee  We're starting to frame rules of thumb like that, but I have nothing at my fingertips right now.

Finance committee  If we can sell more products and avail more receipts from the sale of our commodities, then sure, it brings more income into the economy.

Finance committee  Let me talk about the channels of impact in terms of how low commodity prices would ultimately factor into lower economic growth in Canada. Lower commodity prices would ultimately translate into lower nominal income for the economy, so lower profits for corporations and lower wa

Finance committee  Thank you for the question. We published our fiscal projections in yesterday's backgrounder as spoken to by the Minister of Finance in which we projected a deficit in the order of magnitude of $2.3 billion for 2015-16.

Finance committee  With respect to that, it's a very difficult question. Canada has a small, open economy. We're a country of some 35 million to 36 million people. We depend on external markets to sell our goods and services, and as you just touched on, our valued commodities. In terms of protectin

Finance committee  I always use a very simple answer, and it's one I always have to stick to. We don't comment on the underlying value of the Canadian dollar. It's solely determined by market forces. Stronger or weaker—this is almost getting at my answer to you in the last question—the Canadian do

Finance committee  I don't have an update on EI numbers for you. We certainly will have that in the budget on March 22.

Finance committee  Correct.

Finance committee  I don't have the list in front of me. To take a step back, fiscal multipliers are subject to a degree of subjectivity and model assumptions in how these things ultimately are calculated. There's a great deal of debate, as I'm sure the member is aware, on the value of some of th

Finance committee  If possible, I can get back to the committee on that.

Finance committee  No, there are no changes in the model. It's nominal GDP and flat-out income, so lower income growth in the hands of Canadians. That lower income translates into lower tax receipts and personal income taxes.

Finance committee  The rough estimate is $6 billion and that would be distributed across a few revenue tax receipt items. Back to your question, it's not particular to personal income tax. It would be spread across personal, corporate, and other tax indicators, but it's $6 billion on budgetary reve