Quote:
Originally Posted by GGG
No, lack of money to put into a TFSA keeps people poor.
What income to you need to max out your rrsps and Tfsa? Basically saving 30k a year. And how many people make said income. That's who the tax cut went to.
It's the same as income splitting for families. The people that benefit are the engineers, doctors and lawyers whose spouse stays at home. The two parent families making 50k a piece get nothing from it.
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I get what you're saying. But TFSA's are not tax cuts. They're available to everyone and encourage people to save and invest...the key to not being poor. I will agree with you however that having zero dollars at the end of the year will preclude you from this benefit. If after all taxes are paid and you do not have $100, the only benefit to you could see is a GST cut, after all, the poor spend most of their money. However, lots of people disagree with cutting the GST because it's really easy to collect and also because they think it makes Harper look bad.
And income splitting...it's not at all like what you think. The biggest beneficiaries lie in the 60-120k families. Yes, rich families benefit as well, but not as many and not any more than the middle income earners. Couples making under 60k are under represented in income splitting but take the most child tax benefit. However, benefiting from an actual tax cut does require actual taxable income. It does suck for single people who get nothing, but then again, there the vast numbers of kidless wonders who will never get the joy of writing off their gym memberships.