Six years after TFSAs were introduced, a Mackenzie Investments survey finds many Canadians still don’t understand how they work.
Twenty-seven percent of Canadians plan to contribute more annually to their tax-free savings account (TFSA) following the federal government's decision to increase the annual contribution limit to $10,000 from $5,500.
The Canada Revenue Agency (CRA) says the $10,000 TFSA contribution limit is effective immediately, but there’s some concern a new government could make the extra contribution room disappear.
Organizations like CARP and CPA Canada have been lobbying for years to lower the rate of, or even eliminate, mandatory RRIF withdrawals. On Tuesday, part of their efforts paid off.
The increase in the tax-free savings account (TFSA) contribution limit to $10,000 from $5,500 will provide Canadians with an opportunity to accumulate tax-free savings at a significantly higher rate over the course of their adult years.
Tuesday's federal budget received both positive and negative reactions.
The Investment Industry Association of Canada (IIAC) has applauded measures announced in yesterday’s federal budget, particularly the increase in the TFSA contribution limit and the reduction to RRIF minimum withdrawal amounts.
There weren’t many surprises in the 2015 federal budget, which includes changes to TFSA contribution limits and the amount seniors will be required to withdraw from registered retirement income funds (RRIFs).
Liberal and New Democrat politicians are criticizing the government’s plans to increase TFSA contribution room, a move expected in the 2015 Budget.
Finance Minister Joe Oliver has apparently confirmed the contribution limit for tax-free savings accounts will double in this year’s federal budget, thestar.com reports.