Finance committee  First of all, I can provide you with the multipliers that have been used by the Department of Finance for personal income tax measures, which are basically 0.2 over the short term and 0.6 over the longer term. These are relatively low multipliers, and if you apply them to the net

Finance committee  That's what the PBO is saying.

Finance committee  Yes, when you round out, it's zero.

Finance committee  It's going to be New Brunswick, Nova Scotia, Ontario, Quebec, P.E.I., and Manitoba.

Finance committee  Well, I know that the platform used some prudence factor in estimating the cost. What I can tell you in more detail is what Finance has done. We also factored in a prudence factor, but the factor was a bit more conservative and is based on the literature review of the typical b

Finance committee  Yes, it is.

Finance committee  Indeed, a TFSA is used for many different reasons, and it was designed to be as flexible as it is to allow for these different motives. For instance, the fact that you can actually withdraw money and re-contribute what you withdrew is an important feature. Unfortunately, we don

Finance committee  Yes.

Finance committee  There are nearly nine million Canadians who will benefit. The average benefit for single individuals from moving from a 22% tax rate to a 20.5% tax rate is about $330, and for couples it's about $540 on an annual basis. As I said, nearly nine million Canadians will benefit. The

Finance committee  The $3.4 billion represents the tax reduction associated with reducing the second tax bracket from 22% to 20.5%.

Finance committee  What we have is, I believe, based on 2013 or 2014 data. Somewhat fewer than two million Canadians have been maximizing their TFSA limit since 2009. These are mainly individuals who have accumulated a certain amount of wealth in unsheltered tax accounts and can just transfer that

Finance committee  We observed that more than half—between 55% and 60%—are individuals more than 60 years old, which is consistent with the fact that these individuals, probably throughout their lifetimes, have had more opportunities to save and end up with some unsheltered savings.

Finance committee  I'm sorry, the profile...?

Finance committee  Well, the overall take-up based on adult population is between 40% and 45%, and it has been increasing year after year. It is spread across the income spectrum, when you look at the distribution.

Finance committee  Essentially, yes: those who have been able to maximize would no longer be able to put in that additional $4,500. They would be the ones being penalized, basically.