moved for leave to introduce Bill C-446, an act to amend the Income Tax Act (removal of foreign investment limit for registered retirement savings plans and registered retirement income funds).
Mr. Speaker, I think this is an important private member's bill that I am putting forward. The intent of it is, first of all, to protect, preserve and enhance the ability of Canadians to save for their retirement.
If we believe that truly is the purpose of the registered retirement savings plan and the RRIF, then I think we should support this bill. It would give Canadians who have access to about 2% of capital markets in their own country a chance to spread their investment portfolios around.
Second, I point to a Conference Board of Canada study which says that Canadians would be far richer in their retirement savings if they had access to other markets around the world.
Finally, I simply want to say that ultimately all of this money would come back into Canada when people dispose of their RRSPs. It would leave the Canadian treasury and Canadians, in general, better off. Therefore, I seek the support of my colleagues in putting this forward.
(Motions deemed adopted, bill read the first time and printed)