Finance committee  The point here on the administrative side is that there are some requirements, oddly, that are a little more complicated than for RRSPs. For example, it's not clear that there will be an annual reporting process in part, which will—

Finance committee  As the RRSP has.

Finance committee  I'll take a stab at it. Ms. Amsden talked about how these things will benefit lower-income Canadians, in distinction from RRSPs, because of low incomes and the inability to use the deductions to save. But the other benefit these instruments have is the flexibility surrounding them, whereby you can save in your after-tax income, you can withdraw at any time, and you can replenish the funds over time as well.

Finance committee  Good afternoon, Mr. Chair. Ladies and gentlemen, I'm Ian Russell. I've come before the committee many times, but this is the first time I've been here in my capacity as president and chief executive officer of the Investment Industry Association of Canada to talk to you on the singular subject of tax-free savings accounts, or TFSAs.