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Politics could shrink TFSA contribution room

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John Russell:

Why is this such a big issue? I have a maxed out TFSA. I have done very well with it. My current tax saving to date is $2,000. This occurred over 6 years. To put this in perspective a daily Tim Horton’s over the same time span would amount to $3,200. An extremely wealthy person is limited to the same contributions as me. If his tax rate is double mine he could take a friend for coffee. How is this a big political issue? I dunno. Maybe I’m missing something.

Friday, May 01 at 11:23 am | Reply

Bill O'Neill:

Well, this is not a very well thought-out plank to run on. I’d like to see a Liberal government next time around, but this sort of thing, if he want’s to do it, could be done in his 2nd or 3rd year. It’s really not a good idea to try to be popular by taking people’s little breaks back. After all, it won’t improve the position of lower income people at all, and won’t bolster the tax coffers significantly. However, it will tend to annoy some folks that have seen this as a good thing.

Really, in the long run it helps reduce the strain on the pension system and the tax dollars lost to the program are not significant.

A bad move in my opinion.

Thursday, July 02 at 9:27 am | Reply

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