If you’re someone who has your money somewhere other than Vancouver real estate you’re probably familiar with the TFSA. And you probably know the limit has just been doubled to $10k a year.
Critics say this move only helps the wealthy and creates a future tax problem.
Joe Oliver says we should leave that problem for the PMs grand-daughter to solve.
On Tuesday’s The Exchange with Amanda Lang on CBC News Network, the finance minister told Lang that criticism of his recently unveiled budget is unfounded, arguing that the benefits for Canadians today more than offset any future revenue problems associated with it that may or may not ever come to pass.
The doubling of the TFSA limit to $10,000 per taxpayer every year was a core plank of Oliver’s balanced budget. But critics including the opposition parties and private sector economists have said the populist move will create a revenue problem for governments down the line, as more and more investments get protected from taxation.
So what do you think about the TFSA limit increase? A tool only for the wealthy or a bit of extra help for savers?