April 12, 2015

Question of the Day: Should the maximum TFSA contribution be raised?

Emily PrattRebel Correspondent
 

Federal Finance Minister Joe Oliver hints he will raise the contribution limit for tax free savings accounts.

We hit the streets to see what you think about doubling the maximum contribution amount for TFSAs.

Have your say in the comments!


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Comments
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commented 2015-04-13 10:39:06 -0400
TFSA’s benefit all those Canadians who want to save money. The limit should be increased to encourage more people to save. Does it really matter if one “class” of society benefits more than another?
commented 2015-04-12 18:47:45 -0400
Kim, adding to the amount a person can put in a tax free savings account is not bureaucracy at all. It only makes sense if you are interested in saving money and wish to keep all the interest on what you earn in that account.

Ripping down the entire bureaucracy and rebuilding might be a good idea, rather it IS as good idea, but it is only a pipe dream. It will never happen.
commented 2015-04-12 18:44:25 -0400
Strange responses. These people are voters?
commented 2015-04-12 18:44:25 -0400
Strange responses. These people are voters?
commented 2015-04-12 18:06:04 -0400
“An engineer knows he has reached perfection not when there is nothing left to add, but when there is nothing left to remove.” Everytime we make a change to taxation it adds to the structure… and the bureaucracy. What we really need to do is scrap the structure a build something smaller and more efficient. Hey, maybe even something Joe Taxpayer can understand! This tweek is nothing more than paper shuffling. Not worth discussion.
commented 2015-04-12 17:36:53 -0400
tfsa for the rich, whatever someone subscribes to as rich, does little for them, but for the average joe who may have some savings makes a big difference, as if I do all my trading in a tfsa, put my cash savings, or mutual funds, I eliminate the reporting requirements and reduces my need for the gouging accountants.
commented 2015-04-12 17:28:42 -0400
An interesting cross section of society: Some knew little about the proposal and were neutral, but supported it one face value – as they should have, as William Maciura said, only one really understood how the TFSA really works, and, the rest were self-serving idiots fed on the swill of MSM and their own entitlement mentality.
commented 2015-04-12 15:30:30 -0400
Can I hear an ‘OH HELL YEAH’ people?? The Feds should be doing a lot more to encourage people to save for their own retirement. I just got into trouble by OVER-contributing to my RRSP account [accidentally…I set up automatic contributions and didn’t pay attention to the buildup], which is CRAZY. The CPP has always been the next thing to a scam, and the system should be changed immediately. Also, can we get some economics lessons for people who think that government services are somehow free?
commented 2015-04-12 15:22:22 -0400
Absolutely the limit should be raised! For those who don’t or can’t contribute, what do you care? A limit increase doesn’t affect you one way or the other. For those that CAN and DO contribute, why shouldn’t they be allowed to save the maximum possible on their after-tax earnings? I do everything legally possible to keep the government’s hands off my income, both corporate and personal. (I have many people jealous and upset that I pay a combined total of 10% of my total earnings as taxes… but CRA and my accountant are perfectly okay with that…) Let other people minimize their tax load as much as they can. It’s called personal responsibility, and it’s out of fashion in today’s society who want government to take care of them.
commented 2015-04-12 15:04:47 -0400
“It doesn’t help students so I’m against it” , “It’s mostly the wealthy people take advantage of the tax free savings account”, “there are other things we should be looking at”, “they reduced the tax income which further disadvantages our social programs”. I wonder about some people, you can tell all they are doing is repeating vague statements the main stream media has “reported”. First, if it doesn’t help me then no one should have it, if you were “educated” then you would know that this does include yourself. Second, wealthy people are focusing more of their attention at hiding their money, the last thing they want to do is show the government they have money by putting it into a government tax free savings account. Third, what should we be looking at? That is such a vague statement how can you even come to debating that. Fourth, again, what is wrong with keeping my money. There are so many social programs out there I could not even think of how much money goes to what. And now Trudeau wants to use more tax money for heroin clinics all over the country. No thanks, I will keep my money and if I choose I will put my money in a TFSA, I work hard for my money and there is nothing wrong with that.
commented 2015-04-12 14:55:55 -0400
Doubling the TFSA contributions is an excellent idea. We pay taxes on the money we earn then when we try to put some away for a rainy day or the future we get taxed on the little bit that we receive as interest. That has angered me for years. Whether you max your TFSA or just put some away every year everyone should be able to make some kind of contribution. As for the left side politician’s contention that it is only for the rich, bull !
Five grand, fifty-five hundred or the proposed eleven thousand is peanuts to the supposed rich that this is supposed to be solely for. And for the record, I am not rich in fact not even middle class by current financial standards but I’ve managed to scrap up some money to put into a TFSA every year since they were introduced. I don’t have a huge amount of money set aside but at least what I do earn in interest is all mine to keep.
commented 2015-04-12 13:38:13 -0400
@freedom Rebel
You said, “Yes, of course. No one knows better what to do with their money than the very people who worked so darned hard to earn it. That’s you!” Sadly this is not the case. Many in our society do not handle their money wisely and expect the government to look after them.
commented 2015-04-12 13:33:17 -0400
The people who are against raising the TFSA limit are the same ones bitching that they will never be able to retire. I guess it matters not to these people how diligent, frugal, wise or productive you were throughout your life, but that the government should simply pay for your retirement.
commented 2015-04-12 13:21:17 -0400
That “kid” said it all if doesn’t help students then I won’t vote for it . I like his long term goals, I’m glad I will be long time dead by the time he chooses to retire so I don’t have to carry his sorry ass, although my grand daughter will be stuck with this turd, sad
commented 2015-04-12 13:21:14 -0400
Several people claimed that it is only good for the rich or those that have money. This is faulty logic. All the tax free savings accounts are, is a mechanism or a facility for saving money, nothing more.

How can one blame the government people not having enough money to save? That is a socialist way of thinking, that the government is supposed to provide a good well paying job for you so you can save. That is probably why socialists love big government, because it pays enough to save. But ultimately large government is self defeating as it is unsustainable. It is not possible to tax the people enough to pay those same people their high wages and benefits. Obviously any economic model must have income from outside that model or it will not have enough to sustain itself.
commented 2015-04-12 13:20:20 -0400
People being allowed to keep more of the money they earned by investing it into the economy should not be a controversial idea.
commented 2015-04-12 13:12:37 -0400
“Should the maximum TFSA contribution be raised?”

Absolutely! Most definitely! Unquestionably! Really, I don’t mean to be so indecisive.
commented 2015-04-12 13:11:36 -0400
Only one person interviewed really knew how the TFS worked, the rest thinks that all the money put in is tax free, but it is not. ou have already paid tax on the money you put in, it is only the interest earned on that savings is tax free. I am really losing faith in the intelligence of the common man/woman/and other PC types.
commented 2015-04-12 12:35:03 -0400
If I invest the money rather than spending it, the money is mine first not the governments. the government may get a part of it, but the smaller the better. The government is not entitled to this money. The tax that citizens agree to pay the government is for services provided, but it is not an open ended checkbook. The money not received by this increase in exemption is not lost, it remains with the citizens to decide what the best use of it is for their own purposes. If it is given to the government they would just waste it on increasing their bureaucracy anyway.
commented 2015-04-12 12:28:36 -0400
That would be awesome. A very conservative thing to do.
commented 2015-04-12 12:06:27 -0400
Yes, of course. No one knows better what to do with their money than the very people who worked so darned hard to earn it. That’s you!