Mr. Speaker, Canadian families purchase RRSPs to look after themselves in their retirement years. The new seniors benefit means that seniors will pay tax at a rate of 50 per cent beginning with the first dollar of income earned from other sources. This means that RRSP income will be taxed at 50 per cent; it means that CPP income will be taxed at 50 per cent.
Will the minister tell young Canadians why they should buy RRSPs today when the marginal rate is 17 per cent only to pay 50 per cent when it is taxed back when they are seniors?