Oct 14, 2015
Tax Free Savings Accounts; did you know 60% of the people who have maxed them earn less than $60,000 per year? They are a fantastic way to save for the future without incurring tax. Brought out during the Recession as a way to encourage Canadians to invest again, creating jobs. Jobs create income ( which is taxed ) and jobs create spending ( which is taxed ). They are a fantastic stimulus into our economy and a way for Canadians to invest in their future. Unfortunately the TFSA's future deposit limits and even existence is in question during the current election. We'd naturally argue that they should be kept as is to allow them to work for 11 million Canadians as they do and create jobs. But whatever your political allegiance is, this is a good time to invest in, and potentially max your TFSA if you are able to, before the rules potentially change.
- Errol Fonger