Mr. Speaker, the new landmark tax-free savings plan is one we are doing it. This is a remarkable new plan. It is the most important savings plan in modern Canadian history, the most important plan since 1957 when the RRSP plan was introduced.
This new plan would give all Canadians, from seniors to those with low and modest incomes, the opportunity to earn tax-free savings income with maximum flexibility.
In 20 years, it is estimated that these plans will permit over 90% of Canadians to hold all of their financial assets in tax efficient savings vehicles.
This is not a small program. As these tax-free savings accounts mature over time, the cost will move up to about $3 billion over the course of the next 20 years.
I encourage Canadians to check the tax-free savings calculator on the website at www.budget.gc.ca to see how much tax they can save.