Conservative Leader Pierre Poilievre announced Thursday that a government led by him would allow Canadians to contribute $5,000 more a year to their tax-free savings account (TFSA) — as long as that extra cash is being invested in Canadian companies.
Poilievre is pitching it as a way to keep more investment dollars at home because the extra contribution limit will be earmarked for Canadian investments alone.
You don’t have to be rich to put money into a TFSA.
What percentage of Canadians have maxed out their TFSA contributions?
Edit: Looks like 4-5%, so this will only help the top 5% at most.
Devil’s advocate: the better question is what percentage of Canadians will eventually max out their TFSA?
I don’t think it’s a good policy anyway, as the administrative overhead of managing yet another registered investing account (or making TFSA reporting more complicated) is more hassle than it’s worth.
Agreed, how are they even going to track “invest in Canadian companies”?
One of my tfsa is in investments using wealthsimple.
They do report tax info so I guess that’s one way.
Or, you would send the new tax forms with your proof of investment.
Still, it’e an all around stupid idea that nobody really needs.
Almost 10% of us live below the poverty line. Do you think we have the money to invest in a TFSA?
Don’t worry, I hear is is planning to give people a 50% federal rebate on custom suits, maybe that will help you somehow.
/s
You have to be doing reasonably well to max out your TFSA. It’s like 7k for this year.