Thank you, Mr. Chair.
We support the principle behind TFSAs. We've made that clear numerous times in the past.
But raising the limit to nearly double is a problem because it does not adequately address a number of issues. Mr. Brison just described one of them. Mr. Jovanovic, you've read the Parliamentary Budget Officer's report on the matter.
Something else in the report was also raised in other studies. The purpose of a TFSA is to encourage people to save, a bit like an RRSP. But the TFSA isn't really leading to any new savings. Small investors are using the vehicle a bit like they would an RRSP. But, by and large, those who are maxing out their contributions aren't putting away additional savings. They are merely moving their savings. The TFSA actually provides a more favourable tax environment in terms of protecting savings in the future and ensuring growth.
Have you considered the points raised by the Parliamentary Budget Officer, among others, and looked at how the TFSA has affected people's saving habits? Similarly, have you considered the impact of raising the limit from $5,500 to $10,000?