Mr. Speaker, I know Liberals opposite would like to characterize their budget as being tough on the wealthy. However I point out a couple of matters the hon. member might want to keep in mind.
The 40 per cent of people who invest in RRSPs make less than $30,000 a year. People are very worried about their retirement future. They are starting to put away money in RRSPs in order to protect themselves. Yet this government is making it more difficult for them to do that.
The level at which a person has to save in order to have a reasonable retirement income has been pegged at $15,500 but the government will only allow people to save $13,500. Even if the wealthy need a reasonable amount to live on when retired. This government is telling seniors on one hand that if they are wealthy, they should not expect anything from the government but on the other hand they will not be allowed to save a reasonable amount in order to compensate for that. Wealthy people have to live too.
People have to have enough for a reasonable retirement income, particularly with services being eroded by the debt the government is running up. We cannot have it both ways. There will not be the wealthy at all. Wealthy will just be a memory of Liberal rhetoric. There will only be very poor, very needy and very unhappy retired Canadians.