A point of order, yes.
Evidence of meeting #11 for Finance in the 40th Parliament, 3rd Session. (The original version is on Parliament’s site, as are the minutes.) The winning word was benefits.
A recording is available from Parliament.
Evidence of meeting #11 for Finance in the 40th Parliament, 3rd Session. (The original version is on Parliament’s site, as are the minutes.) The winning word was benefits.
A recording is available from Parliament.
4:20 p.m.
Bloc
Luc Desnoyers Bloc Rivière-des-Mille-Îles, QC
I would just like to clarify something. I am not sure I understood his comments earlier. He said I had not told the truth about GM. Is that what he said? Is he calling me a liar?
4:20 p.m.
Conservative
The Chair Conservative James Rajotte
--Mr. Wallace said that you had said GM's pension fund had received funding from the government. And Mr. Wallace said that was in fact not the case.
4:25 p.m.
Conservative
4:25 p.m.
Conservative
4:25 p.m.
An hon. member
Not federal.
4:25 p.m.
An hon. member
Not a penny.
4:25 p.m.
Conservative
April 22nd, 2010 / 4:25 p.m.
Conservative
4:25 p.m.
Conservative
Mike Wallace Conservative Burlington, ON
Professor Nielson, you're not getting a lot of questions because you have very technical suggestions here, I'd say.
4:25 p.m.
Professor and Chair in Insurance and Risk Management, Haskayne School of Business, University of Calgary, As an Individual
It's a technical subject.
4:25 p.m.
Conservative
Mike Wallace Conservative Burlington, ON
It is a technical subject; we're finding that out.
I have no idea, to be honest with you, what the tax advantage is to an American for a 401. I know what 401(k) is, I hear about them, but I don't know what the difference is between—
4:25 p.m.
Professor and Chair in Insurance and Risk Management, Haskayne School of Business, University of Calgary, As an Individual
It's essentially the same kind of product. It just meets definitions set out by the IRS instead of Revenue Canada. The limits are somewhat different.
4:25 p.m.
Conservative
Mike Wallace Conservative Burlington, ON
The limits in contribution, but what about for my own.... Let's say I make $100,000, and I put $2,000 into my 401(k) or $2,000 into my RRSP. What is the actual difference to the individual? You're asking us to work with our federal counterparts to make sure the rules are treated exactly the same on both sides of the border. Is that not correct?
4:25 p.m.
Professor and Chair in Insurance and Risk Management, Haskayne School of Business, University of Calgary, As an Individual
Or that you recognize that they have retirement savings products that are essentially not biased in favour of the highly compensated. The qualified plan rules serve much the same purposes the registered plan rules do here.
If somebody moves across the border, they can't currently transfer their retirement savings. If you get married and move to Arizona, you're going to run into a whole bunch of tax complications because you want to cross the border. I can say from personal experience, you face a lifetime of dual tax returns.
4:25 p.m.
Conservative
4:25 p.m.
Professor and Chair in Insurance and Risk Management, Haskayne School of Business, University of Calgary, As an Individual
Calgary has a fairly high percentage of Americans who cross the border and work in Calgary for a while, or Canadians who get transferred to Houston with Shell. There's a fair bit of mobility in the Calgary market, and I know there's more than that in the Windsor corridor. So I would say there are pockets of it around the country. That's why it's not number one, it's number nine, right?
4:25 p.m.
Conservative
Mike Wallace Conservative Burlington, ON
I have 30 seconds, so I'm going to ask you, on our copies, we're missing one of your numbers. Number three in mine says “Yuri somebody and Grant somebody, data on transfer income”, so we don't have one of the bullet points you were talking about.
