Feb 26, 2015
By Bob Komsic
Two-thirds of members of CARP – A New Vision of Aging – support increasing the annual Tax Free Savings Account contribution limit to 11-thousand dollars.
The current limit’s 5-thousand.
A survey of 1,400 CARP members found:
— Two-thirds (67%) support increasing TFSA limit from $5000 to $11,000 (39% support it strongly)
— The vast majority (81%) have a TSFA
— 71% want changes to the RRIF rules to avoid outliving their money
— 81% think the government should encourage saving for retirement, not spending for today
CARP’s Susan Eng says members would welcome the additional help in saving for their retirement needs but more so for those of their children and grandchildren.
Eight in ten members of the Zoomers group contribute to a T-F-S-A.
T-F-S-A contributions are not deductible, so you pay taxes now and eventually take the savings and earnings out tax free.