Essentially, if we adopt this as it's proposed, without limit, what we would create is a situation in which RRSP deductions, which are currently 18% of earned income, up to a maximum of $18,500, could be deducted. That's irrelevant to this proposal. But there's no reference to say one or the other, so you could deduct from your earned income close to 20% of your RRSP contribution, as is the case now. In addition, you could also deduct an equal amount and contribute to an RESP fund for your child or children. And I think it's limited to that amount for a child or children; I don't think it's 18.5% for each child. That would be too much.
On March 20th, 2007. See this statement in context.