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Wealth Professional | 10 Dec 2015, 08:15 AM Agree 0
The federal government may have just dropped the ceiling on TFSA contributions, but a petition continues to gain momentum from advisors and others opposed
  • John De Goey | 10 Dec 2015, 11:49 AM Agree 0
    This is silly. People claim that they are unhappy when politicians break election promises - and then they start petitions asking them to (wait for it) break election promises.
  • Dave | 10 Dec 2015, 12:21 PM Agree 0
    Low income people do not have a clawback issue. You have to earn over 71k before it kicks in. That is 71k not including oas. At last check only about 5% have anything clawed back and about 2% lose it all. Even if you earn more than 72k, if you have a lower earning spouse the income can be split.
  • Mike Gentile | 10 Dec 2015, 12:57 PM Agree 0
    It's great to see that an on line petition in regards to the TFSA rollback has been introduced. We have recommended since 2009 when TFSA's were introduced that our clients contribute to one. If the federal government really believes that by allowing a $10,000.00 contribution they are in effect opening the flood gates,they are living in a fantasy world. TFSA DEPOSITS ARE NOT TAX DEDUCTIBLE. They are a meaningful way of saving money for things such as,home and car repairs etc.If the federal government thinks that it is better to deplete your RRSP savings for unexpected emergencies, they need to think again. Given my experience and the many people I speak to about TFSA's, veryfew people have actually met the allowable contribution limits. Given that our newly elected government plans on spending money like a drunken sailor it think it would only be both wise and fair to let the taxpayers put some money away for a rainy day.
  • Angelo Virgilio | 10 Dec 2015, 01:06 PM Agree 0
    A good advsior will find tax efficient alternatives for senior's non-registered investments through vehicles that pay ROC income or capital class mutual funds. Keeping the TFSA limit at $10,000, does nothing to incent our savings rate, especially if investors are merely shifting assets from one account to another.
  • Stan Buell | 12 Dec 2015, 07:33 AM Agree 0
    It is disappointing to see the TFSA rolled back. It was heralded as something good for small investors. IMO it is better than other registered plans because of flexibity and tax free accumulation of returns.
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