Mr. Speaker, if we are trading quotes, I will read what this guy from the EES Financial Services, a mutual fund fee organization, said. He stated:
In general terms, the PRPP program is no different than an RRSP. Contributions generate tax deductions, enable tax-deferred growth, tax is payable on withdrawals and for the most part, will be invested in mutual funds – pooled investments that according to a 2006 report...are subject to far higher fees in Canada than in any other country. It’s no wonder the investment and insurance industries are applauding the introduction of PRPPs.
It is like handing over a gift to Bay Street. It is like giving it a half a billion dollars worth of management fees per year to manage the investment of this new mutual fund. All this is is a glorified mutual fund. If people did not have enough money to buy an RRSP before, they probably will not have enough money to participate in this PRPP baloney.