TFSA limit could swell to $10,000 when Tories balance budget

Excellent news. TFSA’s are dollar for dollar better and more flexible than RRSP’s!

Financial Post | Business

A promise is a promise — at least the investment community hopes the Conservatives see it that way.

Prime Minister Stephen Harper has vowed that before he is re-elected, he will allow Canadians to double what they can contribute to a Tax-Free Savings Account (TFSA), if the budget is balanced.

With the government close to a balanced fiscal position, increased attention is now focused on that pledge, and the possibility that annual limits will climb to $10,000.

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The TFSA, introduced for the 2009 tax year with a $5,000 limit, does rise by $500 increments based on certain inflation targets and is now $5,500 annually.

“This will make a huge difference. I mean $5,500 [per year] isn’t spare change, but in terms of funding a lifetime of retirement, [$5,500] is not that big. But at $10,000, the numbers start to really add up,” says Tom Hamza, president of the…

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rickbarbosa

Our Senior Partner Rick Barbosa is a Professional Accountant and Personal Financial Advisor with over 20 years experience dealing with Large Fortune 500 Organizations and Small to Medium sized Family owned Businesses. If you're looking for help with your finances, taxes, investing or starting and managing a business you've come to the right person.

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