Finance committee  —so they're quite a bit farther ahead than us, and since there wasn't enough Canadian data, this looked like it would behave the same way. That's what they have found.

Finance committee  That was the purpose of the research we did. The U.K. experience has been in place since—

Finance committee  Well, yes, I think that's our point. It's that it's not targeted. It's removing revenue from the treasury. It's creating a large and ever-expanding hole, and there is really no target as to what individuals are using this money for. If there are problems with affordability, such

Finance committee  —the RESP, which addresses the post-secondary issue. It's a much more effective vehicle with a defined purpose.

Finance committee  From the British experience, please note, the account is funded by a male from the highest income cohort that they used in their data. This is a U.K. government report. Also, it's someone who is approaching retirement. The prospect that this is for young low-income Canadians is n

Finance committee  These were our predictions for the tax-free savings account, and on that basis it belied the promise of universal benefit. As Canadian data emerges on the TFSA experience to date, research recently published by our Canadian tax academic colleagues, in particular Professor Kevin M

Finance committee  Thank you. Actually, Professor Young is going to begin and then we'll switch to me.