I'm very worried about the long-term fiscal situation of the provinces. Right now, even though the first baby boomers have already hit retirement age, we're still in a sweet spot demographically.
The provincial budget situation over the medium and long terms is not good. The federal government is much better at raising taxes than provincial governments are. I think it's essential that the federal government retain its tax base and prevent the erosion of its tax base. TFSAs have a serious potential to erode the tax base for both levels of government, and I think that's a very serious problem going forward.