Mr. Speaker, I have a question about taxes mentioned in the throne speech. The middle-income tax cut excludes about 70% of Canadians, while eliminating the expanded TFSA. We wait for the other shoe to drop, which means higher taxes to pay for the spending it is committing to and the new schemes that we have yet to see in the House, which will mean less savings for Canadians.
We know that nearly 11 million Canadians took advantage of the TFSA, 60% of whom were holders earning less than $60,000 a year. More than half of them were seniors. When people are empowered financially they save for the future. We know this from experience. What we do not need is a cradle-to-grave, two-nanny state system. We all heard about this in the House.
There was a BMO survey report released in September that found that 56% of respondents had less than $10,000 available in emergency funds. I think the TFSA is an amazing program. Keeping it at $10,000 ensures that Canadians can save for themselves. Therefore, why will his government not reverse its decision and restore the TFSA, the best new savings vehicle in a generation?