Conservative Leader Pierre Poilievre announced Thursday that a government led by him would allow Canadians to contribute $5,000 more a year to their tax-free savings account (TFSA) — as long as that extra cash is being invested in Canadian companies.

Poilievre is pitching it as a way to keep more investment dollars at home because the extra contribution limit will be earmarked for Canadian investments alone.

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[+] -9 points 1 year ago (3 children)

You don't have to be rich to put money into a TFSA.

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  • [–] 15 points 1 year ago* (1 child)

    What percentage of Canadians have maxed out their TFSA contributions?

    Edit: Looks like 4-5%, so this will only help the top 5% at most.

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  • [–] 1 point 1 year ago (1 child)

    Devil's advocate: the better question is what percentage of Canadians will eventually max out their TFSA?

    I don't think it's a good policy anyway, as the administrative overhead of managing yet another registered investing account (or making TFSA reporting more complicated) is more hassle than it's worth.

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  • [–] 4 points 1 year ago (1 child)

    Agreed, how are they even going to track “invest in Canadian companies”?

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  • [–] 3 points 1 year ago

    One of my tfsa is in investments using wealthsimple.

    They do report tax info so I guess that's one way.

    Or, you would send the new tax forms with your proof of investment.

    Still, it'e an all around stupid idea that nobody really needs.

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