Personal Finance

2015 TFSA limit is to increase to 10K??

  • Last Updated:
  • Nov 26th, 2014 1:28 am
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Deal Addict
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Jan 4, 2009
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on the links!
Must be getting ready to call an election
Deal Addict
Sep 7, 2010
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Calgary
Whether you like the conservatives or not, I'm glad they keep the country's financials in order.
Deal Guru
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Mar 22, 2005
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mangina11 wrote: Whether you like the conservatives or not, I'm glad they keep the country's financials in order.
I agree

$10,000 would be awesome. I do all my small trading in my TFSA knowing I have access anytime if it's an emergency. More is always better!
Deal Fanatic
Dec 5, 2009
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Article talks about income splitting too. If introduced in the fall, Does this mean I would be able to do it on my 2014 return?
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Aug 2, 2010
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kool1 wrote: I agree

$10,000 would be awesome. I do all my small trading in my TFSA knowing I have access anytime if it's an emergency. More is always better!
I have a credit line for use in an emergency, but haven't had one of those in years. I don't like that when you withdraw from a TSFA you cannot re-deposit the amount withdrawn until the first business day of the next year.
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Nov 18, 2007
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Corktown
If it is an election goodie, then for maximum affect January 2015 would be the effective date. (July 1, 2015 would also be significant date.)

But if, as the article says, they will wait until deficit is eliminated, then a TFSA change may not happen until 2016.
Jr. Member
Jul 28, 2014
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Toronto, ON
This is well beyond inflation upkeep and is fantastic news for me.

Also, how do I have a join date of Jan. 1st, 1970?
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fastlayne wrote: If it is an election goodie, then for maximum affect January 2015 would be the effective date. (July 1, 2015 would also be significant date.)

But if, as the article says, they will wait until deficit is eliminated, then a TFSA change may not happen until 2016.
The conservatives can make the TSFA contribution limit $100K a year and I still won't vote for them!
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fdl wrote: Article talks about income splitting too. If introduced in the fall, Does this mean I would be able to do it on my 2014 return?
Well since the feds haven't actually announced anything yet, just hold on a minute and let me pull the crystal ball out of my a**
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May 11, 2014
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mangina11 wrote: Whether you like the conservatives or not, I'm glad they keep the country's financials in order.
Yes because even though we are still in deficit, we can afford more tax cuts. I'm all for tax cuts, but only if we can afford them. We should let the debt pare down first.
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Mar 22, 2005
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eonibm wrote: I have a credit line for use in an emergency, but haven't had one of those in years. I don't like that when you withdraw from a TSFA you cannot re-deposit the amount withdrawn until the first business day of the next year.
It is what it is. I think it would be too difficult to track if you could re-deposit any time. It's suppose to be a savings account also, not a bank account.
Member
Sep 9, 2012
372 posts
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TORONTO
Selfishly - it's great as I can take advantage of it.
Socially - it's a tax cut for the rich. I'd rather the government invest in our infrastructure and provide funding to our cities for projects like transit.
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Dec 8, 2010
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TorontoDavid wrote: Selfishly - it's great as I can take advantage of it.
Socially - it's a tax cut for the rich. I'd rather the government invest in our infrastructure and provide funding to our cities for projects like transit.
Agreed - those who get the most benefit are those that need it least, and to whom it makes the least actual difference.

They should drop income tax rates at the lower levels, raise it at the higher. Just by a % or two.
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Sep 12, 2014
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Mississauga, ON
mangina11 wrote: Whether you like the conservatives or not, I'm glad they keep the country's financials in order.
no they don't... it's like cutting off your legs to save money on pants..is that keeping financials in order?
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Sep 23, 2014
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daverobev wrote: Agreed - those who get the most benefit are those that need it least, and to whom it makes the least actual difference.

They should drop income tax rates at the lower levels, raise it at the higher. Just by a % or two.
Dropping the income tax at the lower levels will hardly do any benefit for them because their taxation base is already low to begin with. An extra few hundred or few thousand will not be a game changer for them. On the other hand, increasing taxes for the rich will just drive them away to lower tax jurisdiction. Remember, the wealthy are very mobile and can move anywhere either in name or in person to avoid taxes.
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Sep 12, 2014
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traderjay wrote: Dropping the income tax at the lower levels will hardly do any benefit for them because their taxation base is already low to begin with. An extra few hundred or few thousand will not be a game changer for them. On the other hand, increasing taxes for the rich will just drive them away to lower tax jurisdiction. Remember, the wealthy are very mobile and can move anywhere either in name or in person to avoid taxes.
no they aren't/ don't... there are lots of existing loopholes for the wealthy who are wealthy enough to do that....but majority of high income earners can't.

but I find it laughable how you say a few hundred or few thousand to low income earners won't mean anything to them..yet it will to the high income so much that they'll move lol
Penalty Box
Apr 16, 2012
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Greely
Well, it's gonna be tough for me to max out both TFSA and RRSP...

$10K and $10K minimum...

I need to save at least $20,000 a year..
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Sep 23, 2014
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GodRFD wrote: no they aren't/ don't... there are lots of existing loopholes for the wealthy who are wealthy enough to do that....but majority of high income earners can't.

but I find it laughable how you say a few hundred or few thousand to low income earners won't mean anything to them..yet it will to the high income so much that they'll move lol
This is why I added in "name" because they can use tax loopholes to have themselves taxed at a different jurisdiction without moving, or employ sophisticated tax planning services to negate any increase in tax. The rich, while being the smallest in number, already pays the largest pie of the government tax revenue so adding "RICH" tax will just give them more incentive do something creative.

At the end of the say, the poor people needs other means to uplift them from their current situation, be it education or other forms of support. Reducing or eliminating their taxes altogether will NOT change their situation in the long run.
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