Maybe I'll try to state my question again. I am happy to follow up with it after the meeting as well.
My understanding of the TFSA analysis is that your analysis assumes that there are no new savings as a result of this tax-free savings account vehicle. That would be assumption number one.
Assumption number two is that there are no new benefits arriving from the new savings vehicle. In other words, nobody is switching money from their chequing account to a tax-free savings account and thus causing additional investments in a company, which is obviously helping them hire people and create more jobs, etc.