February 25, 2015

Whose money is it? Now the Left is eyeing your savings account

Brian LilleyArchive

The Tax Free Savings Account (TFSA) is one of the few tax breaks available to ordinary Canadians.

So naturally the Left wants to take it away.

The Harper government has proposed doubling the limit you can contribute to your TFSA every year.

Not surprisingly, the Broadbent Institute, a "progressive" think tank, claims this would be a disaster. Why?

Because according to their calculations, raising that limit will make Canada go broke... in 2080.

In my monologue, I crunch the numbers and debunk those bizarre, apocalyptic claims:

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commented 2015-03-01 14:39:25 -0500
Great report Brian.

As a tax accountant, I regularly, during this time of the year, encourage all of my low income seniors to transfer their savings into a TFSA… not because they will actually see any tax benefit from it, but because they will see social benefits from it. Most of them, by maxing out their TFSAs, have seen hundreds of extra dollars per year from Old Age Supplement payments and reduced rent (most of them are in rent-geared-to-income housing). These are the same people that the NDP believe they are championing when they call for more tax paid by everyone.

Glad to see that there is a different perspective being put forth about the government’s proposal to increase limits.
commented 2015-02-28 23:54:45 -0500
Such a good report, I had to watch it twice.
commented 2015-02-28 17:18:28 -0500
Thank you Brian Lilley for presenting an opposing viewpoint when it comes to the idea of doubling allowable TFSA contributions.
I certainly don’t have time to review every conventional newspaper and television report available to Canadians on this issue, but of those that I did see, all of them simply regurgitated the nay saying of the Broadbent Intitute and offered no balance in research or opinion whatsoever.
Mission accomplished, left-wing shills.
commented 2015-02-28 10:40:15 -0500
Thanks Carmen and Bill Elder you nailed it Sir.
Very well written and will mean not a thing to those low information folks
such as those who voted in Mrs. McGuinty.
commented 2015-02-28 07:53:41 -0500
I‘m truly amazed at the people here who are true believers in government ethics and competency , but most of all what disturbs me about these pro-government attitudes is the lack of understanding of the purpose of government. Government exists only to ensure our individual rights and freedoms, not poke its nose into the private sector or our personal interests. Run the criminal courts, defend the nation and deliver the mail and say the hell out of my business!

It is a self-evident fact of life and history that at the best of times government intervention in private and personal affairs (regulating is economic and social engineering) creates a gigantic bureaucratic mess which costs freedom and money. Like clockwork, this situation can be counted on to quickly metastasize into a malfeasant state of corruption of purpose and abuse of authority.

it will be with the internet, as it was with electric energy regulating or any other regulated utility which we pay too much for due to non-value added bureaucracy and crony profiteering. Our venture into public broadcasting has been an expensive disaster, the Canadian Cable spectrum, publishing, radio and TV is a vast substandard expensive information and intellectual wasteland thanks to regulating. A true competitive free market is much better at deciding the winners where cost and quality are concerned. The government’s only roll is to keep monopolies and combines from disrupting the function of market competition and vendor merit. Government intervention generally creates a monopoly and a dysfunctional market. Call it the “Vogon” effect if you will.

Lastly the internet is NOT a utility, it is not a “telephone” or “gas company” or an electric grid – it is much more – it is billions of free expressions of opinion, art and information. Of these the most critical are free expression and unfiltered information. These things are precious in a world of control freak authoritarians and far too precious to be trusted to the wiles of self-serving governing cabals.
The internet is the last vestige of free unrestrained human thought, creativity and unfiltered mass information, it is too important to our evolution as a species/culture to be quashed by official censors and information revisionists. If anything it should be self-regulating, as it has successfully been the past 2 decades.
commented 2015-02-27 07:29:39 -0500
This leftist construct that all money is government money to be forcefully taken into a redistribution system run by government is correct. ALL left of center political philosophies and parties support this Marxist economic maxim to one degree or an other. If we strip this down to its core essence, they think it is correct for others to have a lifetime claim against your productivity (work). This claim on your property, when taken by the state, is enforced at the muzzle of a gun. In effect you are forced under mortal threat to work for others for free. In a more moral era this was called slavery and the western world had disavowed itself of this sin of enslaving a free man for the profit of others, we fought wars over it. Now here it is again in a godless immoral political philosophy which disguises itself under a mask of “social justice”. All that differs between soviet communists and social democrats is the degree of the theft and the level of the authoritarian coercion used. In Canada we are half way to a dysfunctional Marxist theft system.

Leftist statism is premised on coerced theft of property, but more so on the forced enslavement of people to work for free to support a criminal syndicate who run the theft and slavery racket and call.it “government”. The leftists state lays claim to you, they own your output (or a portion of it). You have been collateralized against the debts they create. A slave to the state and its debts. This alone should be reason for ethical people to reject leftist economic schemes – because they all involve theft and economic enslavement. Those who support these schemes and politics are either blissfully ignorant of the immorality of it or aware and amorally detached from it.
No one with any moral center or self respect would willing submit to being raped and pillaged by the state in the manner all leftist utopias end up. Why even let these morally and intellectually deficient people into the public debate on policy?
commented 2015-02-26 19:38:10 -0500
You have to understand that in their view all money belongs to the government and only the government knows how to spend it wisely. On that basis, all tax breaks are regarded as a loss to what government can accomplish. People should only have enough of their own money to live in a third world type existence, with government providing inefficient programs to make up the rest. That way you get to depend on government for everything (which is what their ultimate objective is).
commented 2015-02-26 14:48:42 -0500
The left has never seen a tax they didnt like. This should be a point raised in the election. Will the NDP and Libs cave in to eliminating the TFSA
commented 2015-02-26 14:39:52 -0500
Deposits at a bank do not even cover inflation but it should also be taxes? Only an idiot would save just to have less after a few years than when you started.
commented 2015-02-26 14:29:49 -0500
Some good teaching here for those who think your entitlements are paid for by magic money trees or whatever.
Here’s some wisdom for you all.
From Abe Lincoln.

You cannot bring about prosperity by discouraging thrift.
You cannot strengthen the weak by weakening the strong.
You cannot help the wage earner by pulling down the wage payer.
You cannot further the brotherhood of man by encouraging class hatred.
You cannot help the poor by destroying the rich.
You cannot keep out of trouble by spending more than your earn.
You cannot build character and courage by taking away man’s initiative and independence.
You cannot establish security on borrowed money.
You cannot help small men by tearing down big men.
You cannot help men permanently by doing for them what they could and should do for themselves.
commented 2015-02-26 13:35:53 -0500
I can all but guarante that all of those NDP members or there family’s have a TFSA. Is there anyway to find out if they have TFSA accounts. That would put an end to there hypocrisy. At lest as far as TFSA’s go. We need to constantly expose these hypocrits at every turn. Good job on the crowd fund posters!
commented 2015-02-26 12:36:05 -0500
TFSAs are a Godsend. I only wish they’d been around when I started saving for retirement. Now that I’m retired, I used mine as a shelter.
commented 2015-02-26 11:11:31 -0500
Thanks for this “push-back” article re TFSA’s. My husband and I might see ourselves as in the “middle class”; we are by no means “wealthy”! We benefit to a small extent from the TFSA. As you put it: “Whose money is it anyway?” Well, it is OUR money and any break that is provided to us by SOUND government fiscal taxation policy, we will take advantage of it.
The NDP is alarming Canadians about the prospect of government losing money 50 or 60 years down the road! Canadians should also take a look at exactly WHAT and WHO is the Broadbent Institute! What is their end-goal? For whom are they working? From where is their financial support coming? Into what other aspects of our lives are these “progressive” thinkers prying?
To me, the Broadbent Institute is all about socially engineering the Canadian public so that they, like sheep, follow a certain pathway! I would not be surprised if this group fully endorses the U.N.’s Agenda 21! But, then again, it is the YEAR of the SHEEP!
commented 2015-02-26 02:12:52 -0500
Thank you for letting me know how the Left want to steal more of my money. How about Broadbent and those others losers put THEIR money where their mouths are and give all their money to the government before trying to take my money. All I have to say to the lot of them is Get Bent!
commented 2015-02-25 21:17:54 -0500
It’s always a zero sum game with these people. They are saying that if you refrain from taxing something, like interest on a savings account for example, then that means some services will have to be cut or something else will be taxed more to pay for it. A load of BS if ever there was one! If you saved nothing at all then you would not earn any interest on those non-existent savings. If instead, you bought a Korean made TV, obviously there would be tax to be paid, in fact a whopping 13% GST/HST. The government is giving you a tiny little break if you save that money and not spend it on a TV, but the NDP is saying they would rather you buy the TV. I don’t know how you might look at this, but it is patently obvious to me that the NDP wants to pick my pocket of every dollar possible. Imagine if NDP formed the government, they would absolutely want to maximize the tax collection, so most if not all tax breaks would disappear. Now, dear reader, which party would be the “greedy SOBs” in this story? NDPs or the Conservatives?
commented 2015-02-25 21:04:08 -0500
Keith Weaver: They don’t need to put their hands in your pockets, on your wallets. First off they collect it at source (on your INcome) and then when you try to spend what’s left of your take-home, they tax you on your OUTgoing expenses. Taxed twice. And I thought that double Jeopardy was not allowed even in cases of murder. But grand (and petty) larceny gy Government is OK (and Justin wants a piece of the pie>)
commented 2015-02-25 21:03:56 -0500
These leftist apocalyptic economists use numbers like smoke and mirrors to inveigle the underclass to distrust government gift horses. Of all things! A tax break unicorn!

Don’t shoe this one, folks. Let her run!!

Today’s biggest economy is crime. I object to how many of the wealthiest among us made their money, how they use legitimate economy to launder it and offshore legal loopholes to hide it. I object to how they use their money to fund an undermining of democratic rule of law that favours big labour and union mob/jihadi corruption.

I’d like the Broadbent moralizers to criticize the drugs and gun dealers/oil thieves/human traffickers that fund big labour with the goal of enslaving us all.

Put that in your savings account and hoard it!!
commented 2015-02-25 21:00:53 -0500
What irks me are those incessant commercials on the radio, advocating buying in Ontario (not a bad thing, per se) but then they end with “Paid for by the Government of Ontario”. The Government of Ontario did not pay for them. What moneys have they PRODUCED to earn money to pay for those ads? Those ads are paid for by the poor taxpayers of Ontario.
commented 2015-02-25 20:20:50 -0500
As usual, the socialists and the PBO think our tax savings, tax dollars and income are government property. Keep your hands out of my wallet, Mulcair. If you want my private sector dollars open a store where I can choose to spend my money at my pleasure. If you want to just take it because you feel it is government money, then you are nothing more than a thief.