Conservative Leader Pierre Poilievre announced Thursday that a government led by him would allow Canadians to contribute $5,000 more a year to their tax-free savings account (TFSA) — as long as that extra cash is being invested in Canadian companies.

Poilievre is pitching it as a way to keep more investment dollars at home because the extra contribution limit will be earmarked for Canadian investments alone.

  • Lemmyoutofhere@lemmy.caEnglish
    0·
    2 months ago

    What percentage of Canadians have maxed out their TFSA contributions?

    Edit: Looks like 4-5%, so this will only help the top 5% at most.

    • ramjambamalam@lemmy.ca
      0·
      2 months ago

      Devil’s advocate: the better question is what percentage of Canadians will eventually max out their TFSA?

      I don’t think it’s a good policy anyway, as the administrative overhead of managing yet another registered investing account (or making TFSA reporting more complicated) is more hassle than it’s worth.

        • masterofn001@lemmy.ca
          0·
          2 months ago

          One of my tfsa is in investments using wealthsimple.

          They do report tax info so I guess that’s one way.

          Or, you would send the new tax forms with your proof of investment.

          Still, it’e an all around stupid idea that nobody really needs.