Thank you, Mr. Chair.
Mr. Macdonald, I have here your table showing the maximization of the TFSA.
We see that the median family income in Canada is $74,000 or $76,000. I also see that 10% of average families have maximized their TFSAs whereas households earning more than $250,000 per year are three times more likely to have maximized their TFSAs.
According to what I read in the parliamentary budget officer’s report, by 2060, high-income earners, those in the highest quintile, that is, will use TFSAs 10 times more than people with lower incomes. Those with the highest incomes will benefit from this program 10 times more than those with low incomes.
You want a maximum amount to be set for the TFSA system so that the program does not produce millionaires. How did you establish the two levels of $150,000 and $300,000 that you proposed? Can you break all that down for us?