More Savings with Increased Tax-Free Savings Account Limit
November 27, 2012
On Monday, Ted Menzies, Minister of State (Finance) and Gail Shea, Minister of National Revenue, announced that the annual contribution limit for Tax-Free Savings Accounts (TFSAs) is increasing.
Beginning in 2013, Canadians will be able to contribute up to $5,500 a year, an increase of $500. Growth in the account, and withdrawals, are tax-free, so Canadians can keep more of their hard-earned money.
The Harper Government’s low-tax plan means that Canadians can save more for the future and save more on their taxes. Approximately 8.2 million Canadians already have an account.
In contrast, the NDP voted against the creation of TFSAs. Their high-tax agenda would take money out of the pockets of hard-working Canadians and kill jobs.
We encourage Canadians to contribute to TFSAs to save on taxes and save for the future.