Thank you.
There have been a number of presentations about having changes to RRSP limits and TFSA limits. On the Investment Industry Association of Canada, the second recommendation was basically that. But in the following commentary, it says “Increased limits for RRSP contributions and TFSA deposits will give investors flexibility to recoup market losses in their portfolios and allow them to build savings more quickly”.
Now I do understand that it's important to provide for pension income for retirement years and things like this, but is there anybody at this table who really thinks this is a priority, given the fact that we're in a pension crisis across all spectrums, really, and that the unused limits of carry-forward RRSPs for low- and modest-income Canadians is probably going to be $1 trillion because they have no money to invest? They have no way to invest. They don't have instruments. They've lost their income trusts.
It really would be nice for people to recognize the economic realities of the full economic spectrum of Canadians. I really think it was kind of insensitive just to suggest in this particular one that somehow we have to recoup market losses when people never had anything to invest in the first place.
Does somebody want to address that?