Go to Main Content

Advertisement

By Special to MoneySense on September 16, 2015
Estimated reading time: 1 minute

Canadians don’t want TFSA limit cut

By Special to MoneySense on September 16, 2015
Estimated reading time: 1 minute

Both the NDP and Liberals have said they'd roll contribution limits back

Advertisement

Canadians are heading to the polls in a month and a majority of them don’t want the TFSA contribution limit to be reduced. An Angus Reid Institute survey finds 67% of respondents want the federal government to keep the $10,000 limit intact. The biggest TFSAs in Canada » If elected, both the Liberals and the NDP have said they would roll back the limit. One-third of Canadians support their plan to reverse the recent increase. In April, the federal government increased the limit to $10,000 from $5,500. Election Guide 2015 » The survey also finds a large majority (81%) back the Liberal and New Democrat pledge pledge to maintain eligibility for old age security (OAS) at age 65. Just 19% believe the OAS eligibility age should be 67. OAS eligibility will increase gradually between 2023 and 2029. Canadians born on March 31, 1958, or earlier will not be affected. Those born on or after Feb. 1, 1962, will have an eligibility age of 67, while those born between April 1, 1958, and Jan. 31, 1962, will be part of the phase-in period and will have an eligibility age between 65 and 67. Which party is best for your portfolio? » This article originally appeared on Benefits Canada.

Comments Cancel reply

Related Articles

How to work out for cheap in Canada

A new workout routine doesn’t need to be a heavy lift for your budget.

How to work out for cheap in Canada

Aritzia’s profit soars in Q3

The apparel retailer’s profit jumped 72% in Q3, as its e-commerce and U.S. net revenue spiked.

Aritzia’s profit soars in Q3

Estate Planning

Inheritances can strain sibling relationships—how to make estate planning smoother

Communication is key to ensuring an inheritance doesn’t cause friction between siblings. Follow these tips to avoid conflicts in...

Inheritances can strain sibling relationships—how to make estate planning smoother

Justin Trudeau announces his resignation at a press conference

CRA to continue administering changes to capital gains tax during prorogation

The increase to the capital gains inclusion rate is going ahead—at least for now, says Canada’s Finance Department.

CRA to continue administering changes to capital gains tax during prorogation

How prorogation will impact capital gains tax changes in Canada

The Canada Revenue Agency has yet to offer guidance on how the Liberals’ capital gains tax proposal will be...

How prorogation will impact capital gains tax changes in Canada

Canadian woman working at a payday loans, checking the risk of a potential client.

Canada has new rules for high-interest loans—here they are

Canada has new rules for high-interest loans—here they are

A photo of the TMX Market Centre building in downtownToronto

Will Canada’s economy grow in 2025?

For 2025, experts predict economic growth, but slower gains and more volatility.

Will Canada’s economy grow in 2025?

Close-up of a Canadian 20 dollar bill

Changes to Canada’s tax brackets, CPP contributions and more in 2025

It's a new year. What financial changes will take effect in Canada in 2025?

Changes to Canada’s tax brackets, CPP contributions and more in 2025

Two young girls play on the swings

CCB payment dates in 2025, and more to know about the Canada Child Benefit

Parents, here are the CCB payment dates for 2025, along with how much you can expect to receive each...

CCB payment dates in 2025, and more to know about the Canada Child Benefit

A woman uses her phone and laptop on a sunny patio with a cocktail

10 financial buzzwords we kept hearing in 2024

These 10 words and phrases captured 2024’s financial mood. From coffee badging to underconsumption-core, these are the trends on...

10 financial buzzwords we kept hearing in 2024