Quote:
Originally Posted by MarchHare
Any comments on the CPC's big announcement from earlier today, increasing the TFSA limit to $10,000 annually from $5,000?
Personally, I'm a huge fan of the TFSA program (and currently contribute the $5k annual limit), but I don't see how this proposed change benefits anyone but the ultra super rich. My wife and I have no kids and a combined household income of over $135k/year, we own a modest downtown condo, have zero credit card debt, and only own one vehicle, all of which mean we have more disposable income than probably 95% of Canadian families. Despite all these advantages, though, we're still not in a position to invest more into our TFSAs than we are currently. Even if we had additional disposable income that we specifically wanted to invest, we'd use that money to top up our RRSP contributions rather than increasing our TFSA investments.
So I'm really not sure what to make of Harper's announcement. Were there so many people complaining that the current TFSA limit was too low? How many Canadians are even contributing the maximum $5k annual limit now?
|
I think it is a great idea for the people that can take advantage. No one is saying that you have to max out your TFSA every year, but being able to compound up to 10k per year tax free sounds great to me.
Any idea if the 10k will be applied retroactively? I would love to be able to throw another 15 into my TFSA this year.