Mr. Speaker, I listened intently to my colleague's speech. The whole issue of the savings account is an intriguing one. On the surface it sounds quite attractive to encourage people to save more until we bore down into it. We know the debt level in Canada is very high because people do not have enough money in their pockets.
In trying to encourage people to save, it is better for people to put money into their RRSPs initially. It is better to allow people to have money in their pocket, particularly for the poor and the middle class. Therefore, it makes a lot more sense to reduce taxes for people in the lowest income tax bracket, allowing them to have more money in their pocket.
We know, for example, the GST cuts do not help people who are poor. They are spending money on rent and food, both of which are GST exempt. They have no money left over. They certainly do not have money to put into a savings account.
How much money would someone have to make, after they paid off their taxes, after they put money into an RRSP, to put $5,000 into a savings account such as this? I would venture to say that amount of money has to be very high.
I really lament the fact that the government never took the opportunity to put money into the hands of Canadians by lowering personal income taxes, particularly for the poor and the middle class.