About half of adult Canadians currently have Tax Free Savings Accounts (TFSAs), which is a very high level of participation in a program that has only been available since 2009. Of those TFSA holders who have taken advantage of the current $10,000 limit, 60% earn $60,000 per year or less, demonstrating that the current TFSA limit is not a tool only for the "rich";
TFSAs are an excellent retirement savings tool for seniors who can no longer take advantage of Registered Retirement Savings Plans (RRSPS), and also for young Canadians who need a tax-effective means of saving for their future;
Opinion poll data has repeatedly shown that a majority of Canadians support retaining the current TFSA limit, and this support is consistent across age groups, income levels and regions of Canada; and
Canadians currently pay 43% of their income in taxes - more than they pay for food, shelter and clothing combined. Many of these tax dollars go to provide very generous pensions for government employees - pensions that the 80% of Canadians who do not work for government cannot afford for themselves but to which they contribute tens of billions of dollars every year. Retaining the TFSA limit of $10,000 is the least the government can do to help the vast majority of Canadians working in the private sector to save for a decent retirement for themselves and their families.
We, the undersigned, residents of Canada, request (or call upon) the Minister of Finance to leave the Tax Free Savings Account (TFSA) limit at $10,000 annually to ensure fairness for all working Canadians.
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