The federal government has delivered on the first of its two major tax promises from the 2011 election campaign. Income-splitting has been extensively assessed and widely criticized for its revenue cost, its tilt toward higher-income families, and its failure to accomplish anything beneficial for the economy.
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.
Posted by NationBuilder Support · February 24, 2015 4:00 AM
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.
OTTAWA - Two studies on tax-free savings accounts sound alarm bells about their long-term fiscal impact if the Conservative government keeps a 2011 campaign promise to allow people to park almost twice as much money in the popular savings vehicles.
At a moment when end-of-life issues are at the top of the political and legal agendas in Canada, a prominent voice for legalizing medically assisted suicide is about to lose its charitable status after a federal audit of its political activities.