Lately, so call "financial journalists" of the name of Stéphanie Grammond of La Presse and Rob Carrick of The Globe and Mail had decided to come forward and testify against the raise of the TFSA contribution limit.
I love my country because its possible, even while earning very little to hit big on the stock market. Proof is, I my non-registered portfolio is now EXCEEDING the 140k. My non-registered portfolio is now at $141 156.13. Which mean that yeah, any sexy girl and boy can make huge $$$ on our very dear Canadian market. Knowing that we have the best stock market in the world, we should take advantage of every tools available at our disposal.
I stop caring about the RRSP long ago. At 34, I need my money now, and I need to have my money working for me now, so that SOON (not not in 31 years from oh no) I can enjoy myself and be free of any kind of salvation. And for that, the TFSA is the perfect tool. We currently can invest $5 500 per year in a TFSA. That's great. But imagine that the Tories - yeah! Stephen Haper - want to DOUBLE the amount admissible in a TFSA when our federal deficit will be paid off. It mean $11 000 per year that can be invest in a tax free way! AMAZING.
But those two losers that are Stéphanie "flop" Queen Grammond and Rob "I know it all" Carrick go public about being against the idea, saying that it will only benefit a minority, only tot he rich. Well, to that, I say,you are wrong, bad journalists!
I am a middle class Dividend Girl and I am far from being rich. However, I can very easily save 10k per year - even more. I earn thousands in dividend per year and I plan to earn many thousands more. And I am far from being rich. I guess it might be hard for a Quebecker like Stéphanie Grammond to understand this, but Canada is the land of opportunities. In Canada, its easy to save money, its easy to make money. And in Canada, we should have all of the tools available to push it.
So hell yeah, in Canada, there're too much losers in the public scene.
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9 comments:
You are completely correct. The TFSA does NOT favour the rich, as $5500 per annum means nothing to them -- it is too tiny an amount to make a difference to a rich person. However, an ordinary working stiff like you or I could really make use of a $11,000 limit. Doubling the TFSA annual room could actually make a difference to our lives, especially in retirement. These know-it-alls are always saying that we do not save enough as a society, and then they crap all over any plan that might help us to save.
Since tax payers pay for healthcare and other things reducing the money coming into government will cause harm. Our education at all levels is in shambles. Infrastructure is crumbling.
Rich people will like not use TFSA as they can reduce their taxes in other ways and be more protected from lawsuits that take their money. It is guaranteed when a future government will be elected the TFSA will be a topic regardless if liberal, conservative (different leader) or NDP.
This is what makes me sick of this country. TFSA contributions are after tax dollars, we have already paid taxes on everything going in there. I'm not rich, I finally in my late 30s am making $50k (worked retail for years) and would LOVE to have the TFSA room doubled to get caught up with retirement savings. The RRSP is scary because nobody can guarantee you won't pay more tax at retirement (I am certain rates will increase). It's so hard to get ahead in this country.
Hi Sunny-I read that article by Mr. Carrick in The Globe last week. I really had an issue with his argument being the government needs our precious $$$. I don't know about you, but I almost gagged while reading his entire argument for not expanding the TFSA contribution room. Doesn't Mr. Carrick or any average reader for example know what by 2060 there will be more advances in medical technologies/longer life spans then presently available? Does Mr. Carrick ASSUME that people in 2040 will end their working careers at 65? Sounds like hog-wash to me.
Mark
You're absolutely right about this. TFSA is great for low to mid income people. We need to increase the limit. Anyone can find money to save if they take a just bit of time to think about what they are doing with their finances.
Hey Sunny, I'm polling PF bloggers for a future post idea. If you know your Myers-Briggs personality type would you mind sharing it with everyone? If it's been awhile since you've taken the test I found an online variation here, http://www.humanmetrics.com/cgi-win/jtypes2.asp
I'm an INTJ by the way. :)
Sorry Liquid, I am the very selfish blogger type, I like to keep good ideas to my own self... You are not asking to the good bitch.
No worries. I understand :)
I would love to see TFSA to be increased to $11,000. I will be super excited that I will say I love Harper for at least a day or two. Well. I don't really mind him to be honest.
Cheers,
BSR
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