Madam Speaker, that is the heart of the reason why I feel that the Reform Party has not done a service to the House by suggesting such nonsense.
The fact remains that under the prescribed rates in Bill C-2, Canadians will not receive less than they put in.
The member has failed to mention that the 1.8% return to which she has referred is the real rate of return. It is the return which one would get after allowing for inflation. She knows very well that the inflation assumption in Bill C-2 and in the actuary's report was 3.5%. That means that Canadians will receive a return of over 5%. In fact, it will be 5.3%.
The parliamentary secretary said it correctly. A worker who starts today and pays through their lifetime at the prescribed rates will receive $1.80 for every $1 put in.
The other fact which the member failed to recognize is that under the Income Tax Act, Canada pension plan premiums paid are eligible for a non-refundable income tax credit. In Canada, on average, that means there is a 26% reduction in taxes payable as a result of having paid Canada pension plan premiums. That means that each and every one of her calculations are in error because she has failed to recognize the real calculations in income tax returns. She has misled Canadians. She has put on the table fearmongering.
I flatly reject the premise of the Reform Party that moving to an RRSP system would be better because it totally ignores two things. Number one, it ignores the current accrued benefits which today's workers receive. Number two, it ignores the fact that the pensioners have insurance benefits as well. She gives no credit whatsoever to survivor benefits, to the death benefit, to disability benefits or to children's benefits. That is the reason they can put these terrible numbers on the floor in an effort to scare Canadians.
Canadians should have nothing to do with the Reform Party.