Mr. Speaker, this is a subject that is dear to my heart, the tax-free savings account. When I was working as a social work educator, I spoke to my students about this as a way to encourage asset-based savings to help people off of welfare and living on a month-to-month routine.
The tax-free savings account was originally, if we go back to the late Hon. Flaherty's thinking on this, intended as a savings vehicle for low-income earners and in that regard, the ceiling of $5,500 per year is more than adequate to meet that requirement.