It's an interesting point, at least as far as I understand it so far. The tax-free savings plans aren't in any way integrated with the limits that exist on RRSP contributions or registered pension plans. It's just an additional amount. So it really opens up an additional massive vehicle of tax-free savings for high-income people. At the very least, one would think that if one were to do it, one should integrate it. I'm not a fan of it to begin with, because the super returns that one can earn in one of these tax-free savings plans never get taxed. With an RRSP, at least in theory, the ordinary rate of return on capital is exempt from tax, but super returns are taxable. That's not the case with these.
On April 7th, 2008. See this statement in context.