Mr. Speaker, with a contribution limit of $5,500, tax-free savings accounts are generally available to most Canadians.
However, only one third actually participate and less than one quarter of that one third can contribute the maximum. Doubling contributions mostly helps wealthier Canadians at a cost of tens of billions of dollars.
Meanwhile, support for low-income seniors is cut. The lowest income, most vulnerable seniors will lose $28,000 from their OAS and GIS. Why the double standard?