Thank you, Mr. Chair.
Things are a bit fluid, based on last night's budget, in terms of where we are today on the $4,000 piece. My concern is the second part of the bill, where under the recommendation of the bill's mover it becomes pre-tax, not after-tax, dollars.
If we leave it as after-tax dollars, and you are able to contribute where we indicated last night, the issue of collecting tax on it somewhere along the line is moot. Based on the chairman's perspective, likely students won't pay very much tax, so that revenue or income does get taxed at least once.
If we move to Mr. McTeague's bill, that money doesn't get taxed from me, because I have a student coming soon, for example. It doesn't get taxed from me when I contribute to my RESP. Then when my daughter goes to school, she won't be paying any tax, so it doesn't get taxed again.
Is that an accurate statement? What effect does that have in terms of money for the treasury?