moved for leave to introduce Bill C-287, an act to amend the Income Tax Act (removal of foreign investment limit for registered retirement savings plans and registered retirement income funds).
Mr. Speaker, the retirement incomes of many Canadians are under siege because of high levels of taxation and because the social safety net, particularly the Canada pension plan and old age security do not come anywhere close to funding their retirement needs.
This idea of removing the foreign content rule on RRSPs would allow people to protect their retirement nest egg and in fact would enhance it.
Canada has only 3% of the world's markets, but of course Canadians have to put essentially 100% of their savings into those markets.
This bill would allow them to spread their risk around and enhance their return, ultimately leaving them better off in their retirement. It has received the support of thousands of Canadians who are in this position today.
(Motions deemed adopted, bill read the first time and printed)