Quantcast
NDP Hates TFSA! - Beyond.ca - Car Forums
Page 1 of 2 1 2 LastLast
Results 1 to 20 of 35

Thread: NDP Hates TFSA!

  1. #1
    Join Date
    Oct 2005
    Location
    Calgary
    My Ride
    Grimace
    Posts
    6,823
    Rep Power
    26

    Default NDP Hates TFSA!

    I will be like toma, post an old article
    http://ottawacitizen.com/news/politi...d-alternatives

    TFSA is a tool to get people to save money and NDP thinks that they are only for the rich even though the stats say otherwise.
    Unfortunately, committing to a TFSA hike would also mean having to admit the accounts are excellent policy (buried as they might be in the Tories’ goofy collection of other tax-cut baubles). Instead, both opposition parties immediately committed to rolling back the increase as a way to stick it to the evil rich. Said NDP leader and former lawyer Thomas Mulcair, whose salary comes in well above $200,000 per year: an enhanced TFSA is “great if you’re having trouble making your payments on your second BMW, but it does nothing for the middle class that is actually earning less than today than it was 30 years ago.”

    Wealth, in the eyes of Mulcair’s NDP, is apparently yucky, to be achieved only by the most heartless Canadians (never mind that a BMW costs little more than a Honda Odyssey or Toyota Sienna — second vehicles many parents would presumably use to ferry their kids to the NDP leader’s heavily subsidized, ultimately unsustainable daycares at significant expense to every other tax-paying Canadian).

    The problem with Mulcair’s narrative, however, is that it completely misrepresents what TFSAs are about, who uses them, and how much of an advantage they provide to the “rich.”

    Whereas RRSPs are meant to serve as a retirement saving vehicle, TFSAs offer everyday Canadians an efficient way to save not only for retirement, but also for a home, a car, a university education, an emergency situation, or simply boost their salaries a bit with some investment income. As the government’s budget document pointed out, 80 per cent of those who’ve opened TFSAs have incomes under $80,000 per year, and those individuals owned 75 per cent of all assets held in the accounts. Furthermore, 60 per cent of individuals contributing the maximum amount had incomes of less than $60,000, so clearly there’s some room to grow.

    The fact is, the new limit amounts to about 20 per cent of the average Canadian’s salary — not an outlandish or extravagant sum. Most financial advisors recommend saving 10 per cent of gross income, but note that 20 per cent should be the target in order to ensure a really comfortable, even affluent retirement. And that’s what government should be encouraging Canadians to pursue.

  2. #2
    Join Date
    May 2002
    Location
    Calgary, Alberta
    My Ride
    (maah raahde)
    Posts
    5,803
    Rep Power
    48

    Default

    20 shocking facts you didn't know about TFSA!

  3. #3
    Join Date
    Mar 2015
    Location
    Calgary, AB
    My Ride
    Toyota’s
    Posts
    308
    Rep Power
    12

    Default

    And to think this clown actually has a chance of getting voted in? What's the max TFSA contributed capacity today, like $55K? Hardly a "rich persons" tool. Unless Mulclair thinks you have to be uber-rich to set aside anything more than a hundred bucks a month. Which wouldn't actually surprise me.

    Jesus christ almighty.

  4. #4
    Join Date
    Aug 2002
    Location
    Calgary
    My Ride
    You Crazy
    Posts
    2,008
    Rep Power
    0

    Default

    With the TFSA's very low limits, i dont think its evil.

    That only 10% of Canadians are able to max it out though, is more telling

  5. #5
    Join Date
    Jul 2015
    Location
    Calgary
    Posts
    104
    Rep Power
    0

    Default

    Originally posted by Toma
    With the TFSA's very low limits, i dont think its evil.

    That only 10% of Canadians are able to max it out though, is more telling
    What does the 10% entitle though (out of curiosity).

    Does that include anyone who has contributed or is it anyone over 18 etc etc.

  6. #6
    Join Date
    Aug 2002
    Location
    Calgary
    My Ride
    You Crazy
    Posts
    2,008
    Rep Power
    0

    Default

    The actual stat is that of all eligible Canadian, 7 to 10 % have maxed out their contribution.

  7. #7
    Join Date
    May 2005
    Location
    Mountains/Calgary
    My Ride
    Das Fahrenheit
    Posts
    2,125
    Rep Power
    22

    Default

    Raising TFSA contribution limits does benefit the rich the most, same with RRSP limits. They're a great tool for sheltering tax.
    Originally posted by 89coupe
    I do get great service there, especially when I mention my name, haha.

  8. #8
    Join Date
    Sep 2006
    Location
    .
    Posts
    4,853
    Rep Power
    23

    Default

    Originally posted by Toma
    only 10% of Canadians are able to max it out
    Able? Or willing?

  9. #9
    Join Date
    Sep 2005
    Location
    Calgary
    Posts
    1,680
    Rep Power
    28

    Default

    Why the heck would I save money? The government will pay for my retirement.

  10. #10
    Join Date
    Jun 2003
    Location
    YWG
    Posts
    3,119
    Rep Power
    25

    Default

    Originally posted by Mibz
    Able? Or willing?
    Exactly. Leave it to the NDP to somehow classify 93% of us as poor just because we choose to put our money elsewhere.

  11. #11
    Join Date
    Aug 2002
    Location
    Calgary
    My Ride
    You Crazy
    Posts
    2,008
    Rep Power
    0

    Default

    Originally posted by Mibz
    Able? Or willing?
    Im not into this investing stuff....

    Is there any downside to a TFSA (besides if you are an American citizen)

  12. #12
    Join Date
    Jul 2004
    Location
    Calgary
    My Ride
    2010 frontier pro-4x
    Posts
    565
    Rep Power
    21

    Default

    Well we don't know that the NDP will change the TFSA, what we do know is that they think it is simply a tool for the rich, and that is very alarming. A TFSA doesn't fit well with a government that favors wealth re-distribution. Not because it is only a tool used by the rich, but because they want to incorrectly paint the TFSA as being a rich mans saving scheme.

    Reality is different from how the NDP wants the world to be. The data clearly shows us that a TFSA is a great tool for Canadians to build private wealth and help better their financial situation.

  13. #13
    Join Date
    Aug 2002
    Location
    Calgary
    My Ride
    You Crazy
    Posts
    2,008
    Rep Power
    0

    Default

    With only 7% maxing it out, at what? $ 55k

    I dont actuslly see it as all that relevant to anything. Its literally a drop in the Ocean. The money is fully taxable, just the interest on it isnt. Big woop. If the limit was $2 million, then it would be a concern.

    I MUCH prefer the Greens promise to close off shore tax heavens. Seems far more relevant.

  14. #14
    Join Date
    Jan 2004
    Location
    Calgary, Alberta
    My Ride
    Bicycle
    Posts
    9,439
    Rep Power
    53

    Default

    Originally posted by Toma
    The actual stat is that of all eligible Canadian, 7 to 10 % have maxed out their contribution.
    That's just quoting stats for your agenda.

    There are 10.7M TFSA holders in this country. That's almost 1/3.

    Yes, 10% or 1/3 of those holders are able to max it out.
    Yes, TFSA favors the rich and people with disposable income.
    Yes, it rip off tax revenue from future governments.

    Don't forget, these program in theory is to reduce government's liability on social programs and keep them for the needy.

    But again, future prediction how that will swing really depends on what kind of outcome you want to present.
    Last edited by Xtrema; 09-11-2015 at 10:24 AM.

  15. #15
    Join Date
    Apr 2004
    Location
    Calgary
    Posts
    2,093
    Rep Power
    44

    Default

    Originally posted by Toma
    With only 7% maxing it out, at what? $ 55k

    I dont actuslly see it as all that relevant to anything. Its literally a drop in the Ocean. The money is fully taxable, just the interest on it isnt. Big woop. If the limit was $2 million, then it would be a concern.

    I MUCH prefer the Greens promise to close off shore tax heavens. Seems far more relevant.
    You put after-tax money in this account, then any growth is not taxable. The growth could be interest, capital gains, dividends. So you could put in 55k, invest in some decent stocks, then 5 years later have 100k and the 45k you made is all yours - no taxes.

    That's why NDP is against it... their view is that only rich people have the means to max it and grow it which will create a bigger wealth gap. Not to mention all the taxes they AREN'T getting on that growth which could be very significant, especially after 20, 30, 50 years.

  16. #16
    Join Date
    Aug 2002
    Location
    Calgary
    My Ride
    You Crazy
    Posts
    2,008
    Rep Power
    0

    Default

    Originally posted by Xtrema


    That's just quoting stats for your agenda.

    There are 10.7M TFSA holders in this country. That's almost 1/3.

    Yes, 10% or 1/3 of those holders are able to max it out.
    Yes, TFSA favors the rich and people with disposable income.
    Yes, it rip off tax revenue from future governments.

    Don't forget, these program in theory is to reduce government's liability on social programs and keep them for the needy.

    But again, future prediction how that will swing really depends on what kind of outcome you want to present.
    What Agenda is that?

    At current levels, i dont see it as relevant.
    Harpers plan to.double it though, I agree is pushing it and does not benefit the vast majority.

    I don't follow this shit anymore, is there still a capital gains exemption limit, and how much is it?

  17. #17
    Join Date
    Jul 2012
    Location
    Alberta
    Posts
    31
    Rep Power
    0

    Default

    It shows the ideological base of the NDP. They decide how much money we are allowed to have, not us deciding how much we want to save. They get first crack at our money

  18. #18
    Join Date
    Aug 2002
    Location
    Calgary
    My Ride
    You Crazy
    Posts
    2,008
    Rep Power
    0

    Default

    Originally posted by Nitro5
    It shows the ideological base of the NDP. They decide how much money we are allowed to have, not us deciding how much we want to save. They get first crack at our money
    No one is telling you how much you can save. Where did you get that from?

    Government always gets first crack in our capitlsist, money changer society. Are you suggesting its different under Harper? Taxes always come off your check first, then you get yours. lol

  19. #19
    Join Date
    Nov 2002
    Location
    Beaumont
    My Ride
    Mach-e GT, Cayenne, 944s
    Posts
    732
    Rep Power
    29

    Default

    Originally posted by Toma
    Its literally a drop in the Ocean.
    I read this with the valley girl accent in my head and chuckled.
    By "literally" do you mean "figuratively"?

    The TFSA currently isn't a problem, but it could become a problem that the next generation will have to deal with. Having said that, my family uses it to the maximum while it's available to us.

  20. #20
    Join Date
    Jul 2015
    Location
    Calgary
    Posts
    104
    Rep Power
    0

    Default

    I dunno about you guys but the TSFA hasn't done me any good

Page 1 of 2 1 2 LastLast

Similar Threads

  1. NDP Hates All Non Alberta Beer?

    By schocker in forum Society / Law / Current Events / Politics
    Replies: 38
    Latest Threads: 08-05-2016, 09:30 PM
  2. Who hates calculus? raise your hand.

    By mik in forum Campus Chat
    Replies: 5
    Latest Threads: 04-16-2004, 12:23 AM
  3. MSN Artical That Hates

    By Danger_Mouse in forum General
    Replies: 9
    Latest Threads: 10-26-2003, 01:31 AM
  4. Who here hates cops as much as I do?

    By GDCivicSi in forum General Car/Bike Talk
    Replies: 68
    Latest Threads: 02-17-2003, 01:52 AM
  5. My teacher hates me. What should I do?

    By [GaGe] in forum General
    Replies: 44
    Latest Threads: 11-29-2002, 02:54 PM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •