Mr. Speaker, thousands of Canadians who opened tax-free savings accounts have now found out that these accounts are anything but tax free. In fact, they have become tax-grab savings accounts.
People are facing huge penalties for over-contributing, because the rules are neither clear nor sensible. People who are simply replacing money they had withdrawn are now having their contributions double-counted, and they are being hit with massive penalties.
Will the government admit that it screwed up, waive the penalties for people who contributed in good faith, and rewrite the rules to prevent this from happening in the future?