Mr. Speaker, for months now financial institutions have been sitting on education savings grants from the federal government. In so doing they have deprived children of several months of investment income, no deadline having been set for the Canada education savings grants program.
Financial institutions are keeping children's money in their vaults and dragging their feet. They do not face any penalties, so it is all the same to them.
The Government of Canada should give financial institutions a maximum of five days to transfer the money from federal grants into the education savings accounts of the children of Canada and impose a penalty on those institutions that do not comply.