The Investment Industry Association of Canada (IIAC) has applauded measures announced in yesterday’s federal budget, particularly the increase in the TFSA contribution limit and the reduction to RRIF minimum withdrawal amounts.
There weren’t many surprises in the 2015 federal budget, which includes changes to TFSA contribution limits and the amount seniors will be required to withdraw from registered retirement income funds (RRIFs).
Liberal and New Democrat politicians are criticizing the government’s plans to increase TFSA contribution room, a move expected in the 2015 Budget.
Finance Minister Joe Oliver has apparently confirmed the contribution limit for tax-free savings accounts will double in this year’s federal budget, thestar.com reports.
Two-thirds of CARP members are in favour of increasing the tax-free savings account contribution limit.
A new study says doubling contribution limits for tax-free savings accounts would cost billions in lost tax revenue and primarily line the pockets of wealthy Canadians.
A CROP survey finds nearly half (42%) of Quebec's population didn't save or invest last year.
Canadians expect to increase the contributions they make to their tax-free savings accounts by 34% this year.
The tax-free savings account is the favourite investment choice for Canadians.
Ambachtsheer's proposed retirement income fix.