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Originally Posted by OMG!WTF!
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.
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I'm not anti Tfsa, I'm anti increasing the limit. I would prefer to see a combined Tfsa / rrsp deduction limit so people could use whatever vehicle suits them but raising the TFSA limit was bad policy.