Doubling TFSA limits would cost billions, benefit the wealthy: Reports
Sheena Goodyear / QMI Agency
If the Tories go ahead with plans to double the contribution limit on tax-free savings accounts, it will cost the government billions of dollars and benefit only the very wealthy, two separate studies released Tuesday say.
Read moreTFSA doubling would cost billions more than income splitting, more skewed to the wealthy: new study
OTTAWA—The existing Tax-Free Savings Account scheme is projected to cost the federal government up to $15.5 billion annually when it matures, and doubling the contribution limits would shift additional billions from tax revenues into the pockets of the already well-off, a new Broadbent Institute study has found.
Read moreTories’ TFSA promise would mainly benefit the wealthy: report
Bill Curry / Globe and Mail
A plan to double the amount people can put in a tax-free savings account is facing new criticism that – like income splitting – it would benefit mainly the most well-off Canadians.
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