e-68 (Tax system)
- Keywords
- Tax Free Savings Account
- Taxation
Original language of petition: English
Petition to the Minister of Finance
- 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.
- Open for signature
- April 8, 2016, at 9:37 a.m. (EDT)
- Closed for signature
- August 6, 2016, at 9:37 a.m. (EDT)