This won't look good for Trudeau: New stats show TFSAs not just for the rich...

[ASHOOR]

Since the conservative government of Canada decided to double the TFSA contribution limit to $10,000, there has been a constant debate about this: with one side arguing that the new increase in TFSA limit is a good thing and will benefit everyone, not just the rich.

Then there is the other side (usually liberal leaning) who argue that this increase to the TFSA only benefits the rich (as if someone is forcing them to either save now or lose their contribution room) and that it will cost the government some much needed tax revenues.

Well, a new article in the Financial Post-backed by data obtained from the CRA-is showing that people from all income levels are taking advantage of TFSAs. Most importantly:

The CRA documents show that of the 10.7 million TFSA holders in the country, as of 2013, almost 1.9 million, or 17%, had contributed the maximum to their account. Of the over 28 million Canadians over 18 according to StatCan, 7% of Canadians eligible for TFSAs have maxed out their room.

In the income category of $20,000 to $24,999, 124,150 Canadians had maxed out their limit, which was about 17 per cent of all account holders at that income level.

On the other end of the spectrum, 97,630 people in the $150,000 to $249,999 category had maxed out their contributions as of 2013, which was close to 32 per cent of people in that income category.

In other words, even those living in a minimum wage are maxing out their contributions in a significant numbers. While those who have a 6 figure salary and up to quarter million, only 32% of them have maxed out their limit.

New stats show TFSAs not just for the rich as Canadians max out savings
http://business.financialpost.com/personal-finance/tfsa/exclusive-canadians-maxing-out-their-tfsas-from-all-walks-of-life?__lsa=0080-23d3


ASHOOR

 

[Kosovo1389]

Trudeau has no business leading a party and trying to become Premier. He isn't deserving of this at all. The man has nothing to say as to how he is even capable of running Canada. I think that he thinks that the last name is enough and the baby face will get the politically illiterate Canadians to trust him. This is just sad. He reminds me of the religion bashing psychopath Ed Milliband in England. He saw himself as being in battle with the world, and thinking that he is better than everyone else and looking condescendingly upon others in an assertive and conceited way. He was annihilated, and he caused his party to go down the toilet because of his unprofessional and disgraceful behaviors and personality. His brother David, who is no less insane, admitted that Ed destroyed Labour, and that it will take five to ten years to only repair the damage caused by the faulty leadership. So I see Trudeau as a similar figure in personality and mindset and I think that what he needs is a drubbing like Miliband.