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 facetious, 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 are you being punished? Do you really think it's an inalienable right to have the government subsidize your savings? You can just as easily put money aside if TFSA contribution limits are rolled back to where they were for the first 6 years they existed.
The purpose of things like TFSAs are to encourage individuals to save money. They've worked somewhat at the $5K level, but there is simply no evidence that increasing it serves any purpose that is worth the billions of dollars it'll cost the country.