Proceedings of the Standing Senate Committee on
Banking, Trade and Commerce
Issue 4 - Minutes of Proceedings
OTTAWA, Wednesday, April 14, 2010
(5)
[English]
The Standing Senate Committee on Banking, Trade and Commerce met this day at 4:20 p.m, in room 9, Victoria Building, the Chair, the Honourable Michael A. Meighen, presiding.
Members of the committee present: The Honourable Senators Frum, Gerstein, Greene, Harb, Hervieux-Payette, P.C., Kochhar, Manning, Massicotte, Meighen, Mockler, Moore and Ringuette (12).
In attendance: John Bulmer, Analyst, Parliamentary Information and Research Service, June M. Dewetering, Chief, Macroeconomics, Library of Parliament; and Francine Pressault, Communications Officer, Communication Directorate.
Also in attendance: The official reporters of the Senate.
Pursuant to the order of reference adopted by the Senate on Wednesday, March 24, 2010, the committee continued its examination on extent to which Canadians in Tax-Free Savings Accounts and registered retirement savings plans. (For complete text of the order of reference, see proceedings of the committee, Issue No. 3,)
WITNESSES:
Deloitte:
Andrew Dunn, Managing Partner, Tax.
As an individual:
Doug Andrews, Fellow of the Canadian Institute of Actuaries and Chartered Financial Analyst (by videoconference).
BMO Financial Group:
Tina Di Vito, Director, Retirement Strategies.
Mercer:
Malcolm Hamilton, Senior Partner.
Mr. Dunn and Mr. Andrews each made a statement and answered questions.
At 5:25 p.m., the committee suspended.
At 5:27 p.m., the committee resumed.
Ms. Di Vito and Mr. Hamilton each made a statement and answered questions.
At 6:25 p.m., the committee adjourned to the call of the chair.
ATTEST:
OTTAWA, Thursday, April 15, 2010
(6)
[English]
The Standing Senate Committee on Banking, Trade and Commerce met this day at 10:30 a.m, in room 9, Victoria Building, the Chair, the Honourable Michael A. Meighen, presiding.
Members of the committee present: The Honourable Senators Dickson, Gerstein, Greene, Harb, Hervieux-Payette, P.C., Kochhar, Massicotte, Meighen, Mockler, Moore and Ringuette (11).
In attendance: John Bulmer, Analyst, Parliamentary Information and Research Service, June M. Dewetering, Chief, Macroeconomics, Library of Parliament; and Francine Pressault, Communications Officer, Communication Directorate.
Also in attendance: The official reporters of the Senate.
Pursuant to the order of reference adopted by the Senate on Wednesday, March 24, 2010, the committee continued its examination of the extent to which Canadians in Tax-Free Savings Accounts and registered retirement savings plans. (For complete text of the order of reference, see proceedings of the committee, Issue No. 3.)
WITNESSES:
CIBC Private Wealth Management:
Jamie Golombek, Managing Director, Tax and Estate Planning (by videoconference).
Canadian Life and Health Insurance Association:
Frank Swedlove, President;
Rick Rausch, Senior Vice-President, Individual Retirement and Investment Services, Great-West Life Assurance Company;
Frank Laferriere, Chief Operating Officer, Manulife Securities Insurance Inc.;
Kevin Strain, Senior Vice President, Individual Insurance and Investment, Sun Life Financial.
The Rotman International Centre for Pension Management:
Keith Ambachtsheer, Director (by videoconference).
Mr. Golombek and Mr Swedlove made a statement and, together with Mr. Rausch, Laferriere and Strain, answered questions.
At 11:40 a.m., the committee suspended.
At 11:45 a.m., the committee resumed.
Mr. Ambachtsheer made a statement and answered questions.
At 12:34 p.m., the committee adjourned to the call of the chair.
ATTEST:
Line Gravel
Clerk of the Committee