Mr. Speaker, I am pleased to speak to Bill C-253, which amends the Income Tax Act with respect to registered education savings plan contributions. The Bloc Québécois firmly supports this bill. We believe that it will make education more accessible to more young people. This is especially true in Quebec, given the cost of education.
In Quebec, there are great distances between regions and between educational institutions. Given that these institutions are located in areas that are often very far from students' homes, it is important to improve access to education for a great many students in Quebec.
Obviously, higher education is expensive for families. Often, young families will take this into consideration when deciding whether or not to have another child, because they know that education is extremely costly. The more we improve funding for students and the easier we make it for them to take advantage of such a system, the more we will promote not only population growth, but access to education by students in Quebec.
This bill was referred to the Standing Committee on Finance, where members of the Bloc Québécois expressed several concerns about it. One concern stands out: this must not become a tax loophole. Rich families and people with very high incomes must not be allowed to use this tax deduction as a shelter. That would turn it into a regressive measure for middle-class families and middle-income earners.
The amendments proposed by the member for Pickering—Scarborough East seek to address this problem by setting a lifetime contribution limit, but they do not set a yearly limit.
My colleague from Jeanne-Le Ber, who proposed a subamendment to the Liberal member's proposal, gave an example that I will repeat to illustrate the potential downside of this proposal.
This is a concrete example based on the situation that would arise from the existing Liberal amendments. For example, a taxpayer earning $150,000 in a single year can contribute $50,000 to a registered education savings plan in that same year. The taxpayer would get a tax refund of $14,500. Then over the next five years, the taxpayer's child could withdraw up to $10,000 per year from the plan, tax-free. In the end, the government would be giving $14,500 to people with a lot of money to begin with, people who earn a lot.
That is the kind of situation the Standing Committee on Finance discussed, the kind of situation the Bloc Québécois does not want to see. My colleague from Jeanne-Le Ber moved a subamendment to the amendment proposed by the member for Pickering—Scarborough East because the Bloc Québécois supports the bill in general but is against creating a situation that takes advantage of middle-income individuals and families. My colleague's proposed amendment would set an annual deductible contribution limit of $5,000. If the subamendment is passed, the Bloc Québécois will support the bill as amended by the Liberal member.