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Harper to Double TFSA

April 7, 2011

Harper in Richmond, Ont. (Sean Kilpatrick/Canadian Press)

So I woke up only to hear that Harper plans on double the limit of contribution for TFSA’s.  I’m not going to get too into detail here, but the fact of the matter is that Mr. Harper, the average Canadian does not max out their contributions to the TFSA anyways.  The ones who do, are the wealthiest 10-15% of the population.  With most Canadians struggling to max out their RRSP contributions, like myself, there’s a reason more Canadians are not picking up your TFSA, meanwhile this policy is sheltering the money of the rich and limiting the tax base for which we can help those in need.

For some numbers, Finance Canada estimated that the TFSA in 2009, the first year of the accounts, cost 45million dollars of potential tax revenue. Furthermore this number will continue to grow as those who can afford it max out their contributions and a larger pool of funds becomes untaxed.

It seems like every week Harper is promoting a new double-edged fiscal policy that liberate the rich, and eliminate services for those who need it.  I also like to note that CBC does not inform Canadians about the costs of these policies, nor does it mention why a majority of Canadians have not started these accounts; they can’t afford to contribute.  Canadians need more discourse!

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From → Canada

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