Human Resources committee  I think the idea behind the tax-free savings account is to provide a flexible savings vehicle that would be a benefit to Canadians at all income levels. As I mentioned in my remarks, I think an important feature is that what does benefit low- and modest-income individuals is the exclusion of both investment income earned in TFSAs and withdrawals from TFSAs for the purpose of calculating income-tested benefits, whether it's the guaranteed income supplement, the CCB, other income, or generally provincial income-tested benefits, as well.

Human Resources committee  I think it's helpful to note that the net fiscal impact would be somewhat less than that because OAS benefits are taxable.

Human Resources committee  I don't have the number with me. That's something we can provide.

Human Resources committee  Thank you very much for the invitation to be here. My ESDC colleague just talked about registered education savings plans and registered disability savings plans. I'll focus on registered retirement savings plans and tax-free savings accounts. If you do have any questions about the tax aspects of RESPs or RDSPs, I'd be pleased to answer those.

Human Resources committee  No worries. They assist Canadians to supplement the retirement benefits provided by public pensions—OAS-GIS and CPP-QPP—as Nancy just described, so they may achieve their retirement income goals. RRSPs are voluntary, individual, and essentially a defined contribution savings plans.