Comments on: How to Profit from A Tax-Free Savings Account

By: Tomcatz

Tomcatz — Fri, 05 Dec 2008 12:58:40 +0000

Is Harper completely nuts. At a time when we need to spend to keep the economy going we are trying to get them to save. We should have been doing this when times were good, not now. Maybe I could put all that money I saved from the GST into this account. The only ones that will benefit from this are the banks.

By: This and That

This and That — Fri, 07 Mar 2008 01:26:12 +0000

[...] reaction from Million Dollar Journey, Four Pillars, Thicken My Wallet and Financial [...]

By: Vincent Cocuzzoli

Vincent Cocuzzoli — Wed, 27 Feb 2008 13:51:04 +0000

“Everything old is new again.” So what’s the big deal about TFSA? I’m old enough to remember when there were 5-6 tax brackets and the lowest was 6% (the mid 1950s). We were also allowed to earn the first $100 of bank interest tax-free. The savings account rates were 2-3% which means (at 3%, if my math is right), we would need a savings account of 100/.03 or about $3333 to make that maximum. My dad was making $25/week, our house in Toronto’s Junction area was worth $11K and a you got 8 TTC tickets for a $1. The most my family ever made in tax-free interest was about $25. To make the TFSA equivalent to that $100 tax-free amount, the TFSA cap should be more in the neighbourhood of $125K.

By: CanadianInvestor

CanadianInvestor — Wed, 27 Feb 2008 10:18:29 +0000

CC may be right if the UK example of the almost identical ISA (around since 1999) is any guide. They are much less used than the tax advantage would suggest they should.

By: Financial Jungle - » Tax Free Saving Account (TFSA)

Financial Jungle - » Tax Free Saving Account (TFSA) — Wed, 27 Feb 2008 08:52:42 +0000

[...] resources from: Jonathan Chevreau National Post Canada.com Canadian Capitalist Michael James Thicken My Wallet Tax Free Saving Account [...]

By: Canadian Capitalist

Canadian Capitalist — Wed, 27 Feb 2008 03:12:55 +0000

Thanks for the link. I’ll take a wait and watch attitude of how successful the new TFSA actually will become. My guess is it will turn out to be like RRSPs – some people will take advantage of the opportunity but the majority would save very little.