Many Canadians say they support raising the contribution ceiling on the Tax Free Savings Account. But it is only a wealthy minority who will actually benefit?
tax free savings account
If the government pushes on the accelerator, it should at least make sure this thing also has brakes. If not, we'll end up in the fiscal ditch. Hopefully, that's not the point.
Federal finance minister Joe Oliver re-affirmed that his government seeks to double the annual limit to Tax-Free Savings Accounts from $5,500 to $11,000. This is a terrible idea.
Despite the Harper government's claims, it's clear that the Tax-Free Savings Account carries far higher risks than rewards -- for individual Canadians as well as for the economy as a whole.
A recent study shows doubling the amount people can contribute to a tax free savings account is Robin Hood in reverse.