Mr. Speaker, it certainly is always a pleasure to engage in dialogue with this member, an experienced debater and someone who has a good understanding of economics, although it has clearly led him to take a wrong turn at some point.
With respect to his comments about intergenerational earnings elasticity, I appreciate his affirmation of the value of that as a metric. It vindicates the approach that our government took. With regard to the issue of tax-free savings accounts and how they operate in the context of inheritance, this is an important point. Tax-free savings accounts are disproportionately used by those on the lower income scale. We know because of the tax treatment of RRSPs versus TFSAs that there is a real incentive for people to use them who are on the lower end in particular. The numbers are clear, and I mentioned them before. Over 65% of tax-free savings account holders make under $60,000 a year. Over half of those who max out their tax-free savings accounts make under $60,000 a year.
We want to see people be able to pass on an inheritance to the next generation. We see value in that. However, given the disproportionate use of tax-free savings accounts by middle and low-income Canadians, the advantageous tax treatment of them in the context of inheritance is a pro-equality measure. That is why we support maintaining and enhancing the tax-free savings accounts.