Canadians are heading to the polls in a month and a majority of them don’t want the TFSA contribution limit to be reduced.

An Angus Reid Institute survey finds 67% of respondents want the federal government to keep the $10,000 limit intact.

Read: Politics could shrink TFSA contribution room

If elected, both the Liberals and the NDP have said they would roll back the limit. One-third of Canadians support their plan to reverse the recent increase.

In April, the federal government increased the limit to $10,000 from $5,500.

Read: Hands off my TFSA contribution room!

The survey also finds a large majority (81%) back the Liberal and New Democrat pledge pledge to maintain eligibility for old age security (OAS) at age 65. Just 19% believe the OAS eligibility age should be 67.

OAS eligibility will increase gradually between 2023 and 2029.

Canadians born on March 31, 1958, or earlier will not be affected. Those born on or after Feb. 1, 1962, will have an eligibility age of 67, while those born between April 1, 1958, and Jan. 31, 1962, will be part of the phase-in period and will have an eligibility age between 65 and 67.

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Scott Aver:

The notion that the $10,000 cap benefits only the rich is rubbish. Tens of thousands of new Canadians who have little or no CPP or OAS benefits or for that matter RRSP savings need a method of maximizing their retirement savings by gradually rolling their non-registered life savings out of taxable accounts and into a non-taxable TFSA. Not a big revenue loss for the Feds as most of the current non-registered savings are earning daily interest.

Wednesday, September 16 at 4:15 pm | Reply

Patrick Sullivan, CFA:

Agree 100%.

It also empowers Canadians to save for their own futures, instead of relying on the government to do it for them. Smaller government is a good thing. Giving Canadians a vehicle to save and avoid double taxation is a good thing. Both the Liberals and NDP are losing my vote over this. They are painting the TFSA as a rich-only benefit which is totally not what the vehicle was designed to do.

Tuesday, September 29 at 1:34 pm

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