Mr. Speaker, the member will know, from the parliamentary secretary's discussion about the income trusts, that there was an offset. She referred to it as “income splitting for seniors”.
The member may want to comment, but the budget in fact does not provide for income splitting for seniors. However, it does provide for pension income splitting for seniors but 70% of seniors do not have pensions. After we take out those, they are already at the lowest possible rate. In fact, only about 14% of seniors are eligible for any benefit under there. It seems to be a very weak response in terms of the damage that was done to Canadians who lost $25 billion in the value of their hard-earned retirement savings.
I wonder if the member would care to comment or to reaffirm that the budget provision relating to pension splitting only benefits about 14% of all seniors.