Argus Posted April 22, 2015 Report Share Posted April 22, 2015 Unfortunately how the TFSA will be paid for is through cuts to OAS and GIS. So it amounts to something like the antithesis of Robin Hood. Then people should save for their own retirment instead of expecting others to fund it. And yes, I realize some can't. But almost everyone in this country prefers to put money into new cell phones, larger TVs, nicer cars, nights out, vacations and expanded cable selection than put it away for their retirment down the line. Why should the ones who DO look to the future and try to save some of that disposable income be punished? Quote Link to comment Share on other sites More sharing options...
ToadBrother Posted April 22, 2015 Report Share Posted April 22, 2015 How is the TFSA a handout? The money you put into it has already been taxed. All the TFSA does is allow you to risk it on something like stocks without being taxed again. The "seed" money (initial investment) in a TFSA is taxed, but all income derived from that seed money is exempted, so your description of a TFSA is inaccurate. Quote Link to comment Share on other sites More sharing options...
ToadBrother Posted April 22, 2015 Report Share Posted April 22, 2015 Great budget, covers a lot. Shows that most liberal talking pts were wrong. And I love it when fife and trudeau complain it is a election budget. Acting like this is the 1st time it was ever done. It's hard to get to the details, because there are 500 pages, of which about 300 hundred are little more than advertising. Quote Link to comment Share on other sites More sharing options...
On Guard for Thee Posted April 22, 2015 Report Share Posted April 22, 2015 Great budget, covers a lot. Shows that most liberal talking pts were wrong. And I love it when fife and trudeau complain it is a election budget. Acting like this is the 1st time it was ever done. So you do agree then that its nothing if not an election budget. Quote Link to comment Share on other sites More sharing options...
Keepitsimple Posted April 22, 2015 Report Share Posted April 22, 2015 How is the TFSA a handout? The money you put into it has already been taxed. All the TFSA does is allow you to risk it on something like stocks without being taxed again. That's the thing that's difficult for many people to understand - it's more than "just" a savings account. This should be a tremendous help for younger people of modest incomes - as well as the "rich". But let's focus on young people - just starting out. If they can discipline themselves to save, they will soon realize that investing is the way to really make their savings grow. $500 or $5000, it doesn't matter. It's changing the mindset to put small amounts aside and letting them grow - saving for the future......and all those small (and large) investments in Canadian companies help spur growth in the economy. This government - in concert with Financial Institutions - has removed the barriers that dis-incentified people to save. Now they are not taxed - and they have easy and convenient ways to invest - even small amounts. Using TIME as a multiplier has always been the most surefire way to accumulate wealth. Every young person has the opportunity to grow a nest egg - a bit of discipline, a bit of advice, some knowledge - and some patience is really all that's needed. There's a vision behind what's being done - helping young people save and invest. It's not just rich people who now get to invest - and investment spurs the economy. Changes to the RRIF that help older people keep more of their savings longer - so they don't outgrow them. Moving OAS age to 67 10 years down the road to adddress the fact that people are working and living longer. Help people at the front end - and at the back end.....and hey, if you're inclined to start a family and create the next generation of taxpayers, income splitting and tax breaks will help you along the way. Quote Link to comment Share on other sites More sharing options...
Keepitsimple Posted April 22, 2015 Report Share Posted April 22, 2015 Unfortunately how the TFSA will be paid for is through cuts to OAS and GIS. So it amounts to something like the antithesis of Robin Hood. Can you provide a cite on how the OAS has been cut? Quote Link to comment Share on other sites More sharing options...
On Guard for Thee Posted April 22, 2015 Report Share Posted April 22, 2015 Can you provide a cite on how the OAS has been cut? Here is one. There are numerous. Of course when you say has been, your assumption is its happening today, which is of course not the case, but I will assume you understand that. http://www.theglobeandmail.com/globe-investor/personal-finance/retirement-rrsps/why-we-cant-afford-to-raise-the-tfsa-contribution-limit/article23207258/ Quote Link to comment Share on other sites More sharing options...
PIK Posted April 22, 2015 Report Share Posted April 22, 2015 On guard , of course, it is a good budget but still written to cut the legs of the opp. Every government does it and I would expect this one to do it also. Quote Link to comment Share on other sites More sharing options...
On Guard for Thee Posted April 22, 2015 Report Share Posted April 22, 2015 On guard , of course, it is a good budget but still written to cut the legs of the opp. Every government does it and I would expect this one to do it also. Robbing Peter to pay Paul is not my idea of a good budget. And by trying to leave the cupboard bare for any opp. leaves themselves in a box if there happens to be a rainy day. (Thats a lot of metaphors but, oh well.) Quote Link to comment Share on other sites More sharing options...
Keepitsimple Posted April 22, 2015 Report Share Posted April 22, 2015 (edited) Here is one. There are numerous. Of course when you say has been, your assumption is its happening today, which is of course not the case, but I will assume you understand that. http://www.theglobeandmail.com/globe-investor/personal-finance/retirement-rrsps/why-we-cant-afford-to-raise-the-tfsa-contribution-limit/article23207258/ Ah......I see - but anyone who doesn't hate Harper is very aware of that - even Trudeau is spewing the falsehood that OAS is being cut - and you of course are blindly trying to propogate it. That explains why you didn't know or in a slippery way, neglected to mention that the age for OAS and GIS (increasing from 65 to 67) will only begin to be phased in starting in 2023 and not fully implemented until 2029! That's a far cry from a "cut" that you claimed helped finance the TFSA in this budget. Try and inject some integrity into your posts once in a while. Edited April 22, 2015 by Keepitsimple Quote Link to comment Share on other sites More sharing options...
Topaz Posted April 22, 2015 Report Share Posted April 22, 2015 IF you didn't know, when you die, your fund gets a taxed from the feds, so the feds get to use your money and get a taxes later. Quote Link to comment Share on other sites More sharing options...
GostHacked Posted April 22, 2015 Report Share Posted April 22, 2015 The budget would not be balanced if they had not needed to dip into that other fund. It's all a sham. Quote Link to comment Share on other sites More sharing options...
Topaz Posted April 22, 2015 Report Share Posted April 22, 2015 BUT....if the NDP or the Liberals get to the PMO, all that is reversed, so we really don't know right now of the future and like ALL governments, Harper's will fall too. Quote Link to comment Share on other sites More sharing options...
cybercoma Posted April 22, 2015 Report Share Posted April 22, 2015 Welfare for the rich on the backs of the poor. Quote Link to comment Share on other sites More sharing options...
Shady Posted April 22, 2015 Report Share Posted April 22, 2015 Welfare for the rich on the backs of the poor. What's welfare? Quote Link to comment Share on other sites More sharing options...
Smallc Posted April 22, 2015 Report Share Posted April 22, 2015 They took 2 billion out of the rainy day fund as well as sold off their stock in GM. Damn near everything of any significance in the thing is heavily back loaded. What are you talking about...this thing is nothing more than kool aid directed at the base. It doesnt actually do much of anything but husk for votes. There is no rainy day fund. They shrunk their cushion. Quote Link to comment Share on other sites More sharing options...
Argus Posted April 22, 2015 Report Share Posted April 22, 2015 The "seed" money (initial investment) in a TFSA is taxed, but all income derived from that seed money is exempted, so your description of a TFSA is inaccurate. You have failed to explain how that is either unfair or a handout. Quote Link to comment Share on other sites More sharing options...
GostHacked Posted April 22, 2015 Report Share Posted April 22, 2015 What's welfare? Ask the banks. Quote Link to comment Share on other sites More sharing options...
Argus Posted April 22, 2015 Report Share Posted April 22, 2015 What's welfare? Welfare to the Left, is when those who earn money are allowed to keep some of it instead of giving it to the government so they can magnanimously pass it on to those who don't work. Quote Link to comment Share on other sites More sharing options...
Hydraboss Posted April 22, 2015 Report Share Posted April 22, 2015 IF you didn't know, when you die, your fund gets a taxed from the feds, so the feds get to use your money and get a taxes later. Perhaps you should actually read the CRA rules about how TFSAs are handled when the holder dies. The only part that gets taxed is earnings above the value at the time of death IF it isn't transferred by the year's end. Talk about fear-mongering from the uninformed. Quote Link to comment Share on other sites More sharing options...
GostHacked Posted April 22, 2015 Report Share Posted April 22, 2015 There is no rainy day fund. They shrunk their cushion. I thought the payback of the GM shares were conveniently timed. While announcing hundreds of millions of dollars in support for some new international science ventures. Not that I have a problem investing in science, I really don't, but not at the expense of these fools dipping into this other fund to balance the budget. That's downright shady economic practices right there. I'd say fraudulent. But this is the government. So it's all legal and on the up and up. Quote Link to comment Share on other sites More sharing options...
On Guard for Thee Posted April 22, 2015 Report Share Posted April 22, 2015 Ah......I see - but anyone who doesn't hate Harper is very aware of that - even Trudeau is spewing the falsehood that OAS is being cut - and you of course are blindly trying to propogate it. That explains why you didn't know or in a slippery way, neglected to mention that the age for OAS and GIS (increasing from 65 to 67) will only begin to be phased in starting in 2023 and not fully implemented until 2029! That's a far cry from a "cut" that you claimed helped finance the TFSA in this budget. Try and inject some integrity into your posts once in a while. Dont call it Harper hating...call it Loving Canada. Quote Link to comment Share on other sites More sharing options...
cybercoma Posted April 22, 2015 Report Share Posted April 22, 2015 What's welfare? Why not just type "Hodor" instead? Quote Link to comment Share on other sites More sharing options...
On Guard for Thee Posted April 22, 2015 Report Share Posted April 22, 2015 There is no rainy day fund. They shrunk their cushion. There is certainly a lot less a rainy day fund now. They also made a one time sale of GM stock in their desperate attempts to seem to be keeping a promise. Quote Link to comment Share on other sites More sharing options...
cybercoma Posted April 22, 2015 Report Share Posted April 22, 2015 Welfare to the Left, is when those who earn money are allowed to keep some of it instead of giving it to the government so they can magnanimously pass it on to those who don't work. Welfare for the rich is providing social programs so the impoverished don't start building guillotines again. Quote Link to comment Share on other sites More sharing options...
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