Quote:
Originally Posted by I_H8_Crawford
The middle classes haven't been SAVING MONEY, period.
So again, I ask: Why should savers like myself be punished since others would rather have expensive houses/cars/vacations/whatever instead of an unsexy TFSA?
I mean, may as well knock back RRSP contribution limits too, since only around 24% of people in Canada use those.
And why stop there? Why not add a 2nd tax onto anyone saving anything over 4% of their income, since that is what the average Canadian saves.
Obviously I am being fastidious, but my point is, TFSA savings and savings in general is NOT ONLY rich getting richer (which it is) it is more a reflection of the priorities of the "average" Canadians... they would rather blow their brains out on debt than prepare for those 20-30 years where they won't be working.
This isn't upper vs middle class, this is just flat out punishing people who are responsible with their money.
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How exactly is it a punishment? The program in its current form isn't beneficial for the vast majority of Canadians, so it's reasonable to ask whether it's fair to ask the vast majority of Canadians to pay for it. From the other side of that, I know that I personally cannot contribute more than $5k annually to a TFSA, so why should my tax dollars go towards helping you save money? It seems like that's punishing me for not making enough to contribute.