“The Canada Revenue Agency has issued a formal statement confirming that Canadians can immediately contribute to the new limit for tax-free savings accounts, a move that comes three days after the measure was announced in Tuesday’s budget.
The Conservative government’s 2015 budget announced that the maximum annual contribution would be increased from $5,500 to $10,000, but Canadians have been asking financial institutions and Members of Parliament to clear up when they can start making the extra contributions.
The budget was targeted to please voters just like Doug Higgins, a 73-year-old retiree who says he is not happy with the mixed messages he received this week from the government as to when he can start making extra contributions,” writes Bill Curry for The Globe and Mail Friday.
Curry continued, “The budget’s TFSA announcement has attracted the most political reaction in the House of Commons, partly because of controversial remarks made by Mr. Oliver in a budget day television interview. Mr. Oliver dismissed concerns from the Parliamentary Budget Officer and others that the measure could shrink government revenues over time.”
Read the full article here.
Raymond Matt, CFP, CLU, TEP, CHS
Subscribe to: Post Comments (RSS2)