Mr. Speaker, the intention was always to provide income security for seniors which we are doing through the splitting of pension income. For pensioners with $40,000 worth of income, instead of paying at the current $40,000 marginal rate, they will now pay at a $20,000 marginal rate each which would be a saving for them of $2,500. At the $60,000 level the savings would be about $2,700. These are direct savings for pensioners in Canada commencing January 1, 2007. I am surprised the Liberals are not going to vote in favour of the bill.
In the House of Commons on November 6th, 2006. See this statement in context.