Mr. Speaker, some of the suggestions that I was referring to were simply reiterating what has been said. I would like to continue, if I can, and I will try to bring more relevance to it. There are other Liberals I would like to quote, Mr. Speaker, but having been chastised by you, perhaps I will leave some of those quotes to another day. I am sure they will be raised as reminders.
I am proud to belong to a Conservative government that does not support the pro GST stance of raising the GST. We also do not care for the tax and spend philosophy. Indeed, that is why our Conservative government has slashed the tax bill for Canadian families and businesses by nearly $200 billion since forming government just two short years ago.
In budget 2008, moreover, we introduced the new landmark tax-free savings account, TFSA. This has a lot of Canadians very excited, regardless of political affiliation. Indeed, even the well-respected and non-partisan C.D. Howe Institute has called it:
--the most significant advance in Canada's tax treatment of personal savings since the registered retirement savings plan.... TFSAs will become a mainstay on the Canadian financial landscape, providing new savings options and flexibility for people of all ages and incomes.
Indeed, the TFSA will be a new tax efficient savings vehicle that provides an additional way to meet the challenges of home ownership, allowing Canadians to put more money aside, an additional $5,000 every year, and watch their investments grow tax free to use for whatever purpose they wish, including the purchase of a new home.
While TFSA contributions will not be deductible, there will be no tax on investment income earned in the plan or on withdrawals. These new savings accounts will give Canadians full flexibility in terms of how they use their savings and how quickly they replenish them.
Take, for example, a young woman who begins to save $100 a month in her TFSA as she starts working.