Argus Posted August 17, 2015 Report Posted August 17, 2015 One way or the other something will be done by a future government to mitigate the tax leakage. Why? This is a minuscule, piddling amount compared to so many other tax breaks and deductions out there. Of course, this one can be used by regular, middle class people. Most of the others are for the rich, business and corporations. Some people fear the cost of the TFSA could rise as high as $650 million in twenty years or so. The cost of just one tax deduction for business, the scientific and research tax credit, is over $4 billion a year now. And it's a famous boondogle. Quote "A liberal is someone who claims to be open to all points of view — and then is surprised and offended to find there are other points of view.” William F Buckley
msj Posted August 18, 2015 Report Posted August 18, 2015 Not sure why you guys don't understand the power of compounding. Years from now there will be media stories about the billions tucked away in TFSA's. Someone will do the math. If Canada is in a recession facing deficits governments will act. Just as they always do. Quote If a believer demands that I, as a non-believer, observe his taboos in the public domain, he is not asking for my respect but for my submission. And that is incompatible with a secular democracy. Flemming Rose (Dutch journalist) My biggest takeaway from economics is that the past wasn't as good as you remember, the present isn't as bad as you think, and the future will be better than you anticipate. Morgan Housel http://www.fool.com/investing/general/2016/01/14/things-im-pretty-sure-about.aspx
drummindiver Posted August 18, 2015 Report Posted August 18, 2015 totally understand compounding. After paying over 40 g in taxes last year (and that's before sales tax, property tax etc.) I personally feel a wee tax break is called for. If ppl work hard and save for their retirement, they deserve a break its not all about those on welfare or the ultra rich. Quote
waldo Posted August 18, 2015 Report Posted August 18, 2015 After paying over 40 g in taxes last year you should hire member msj Quote
drummindiver Posted August 18, 2015 Report Posted August 18, 2015 you should hire member msj My tax guy is very good, but no cheating allowed. Quote
waldo Posted August 18, 2015 Report Posted August 18, 2015 My tax guy is very good, but no cheating allowed. it's the internet; one can say anything and claim to be whatever - there are no checks and balances to anyone wanting to live vicariously through their imaginations... just sayin! Quote
drummindiver Posted August 18, 2015 Report Posted August 18, 2015 Not sure what you are implying, and don't care. Paid shit load of taxes, and I deserve a break today!!! Quote
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