Mr. Speaker, the budget presented in the House of Commons on February 18, 2003 noted the importance of supporting saving through the tax system. It also stated that the government would review reprensentations it had received on the tax treatment of savings and would conduct analysis to identify possible improvements. The budget also included a commitment to consult on the question of whether tax pre-paid savings plans, TPSPs, could be a useful and appropriate savings vehicle for Canadians.
The budget presented in the House of Commons on March 23, 2004 noted that Department of Finance officials consulted with interested groups, experts and academics on the tax treatment of savings and TPSPs. The discussions were helpful in gathering views on TPSPs and other possible ways to improve the tax treatment of savings. The department is reviewing the views brought forward during the consultation and is continuing to examine TPSPs and other approaches to improve the tax treatment of savings.