Thank you, Mr. Chair.
Thank you, everybody, for joining us here today.
As you know, the committee has been holding several hearings over the last few weeks on this issue. We're hearing a lot of similar messages on how to deal with this issue.
I have a few questions, and I'll start with Mr. Irving.
Mr. Irving, you talked about encouraging capital investment. I don't know about the committee, but I totally agree with you. You're suggesting that the best way to do it is through the tax system. The struggle I'm having is that, on the same page, you said the research and development tax credit is not working because a lot of these companies are not making profits, and you're suggesting a refundable scheme. We know that a lot of the companies are having difficulties making profits through downturns or start-up.
How do you suggest we encourage investment, if the taxes are not necessarily going to be a workable option, at least in the short term?