An Excellent Budget for Savers!
Are you a saver?
If you are, the TFSA is an excellent vehicle and it just got better.
If you max out your TFSA for the next 10 years ($10,000 per year), you will have an additional $100,000.
(Present Value = $40,000, 10 payments of $10,000 each year at a 7% annual growth rate, Future Value = $209,966).
If you have $40,000 in your TFSA now, you should have roughly $210,000 in 10 years.
No tax!
That should provide some incentive!
Helping Families Make Ends Meet
- Increasing the Tax-Free Savings Account annual contribution limit to $10,000.
- Reaffirming the Government’s commitment to reduce EI premiums for over 16 million Canadians in 2017.
- Extending Employment Insurance Compassionate Care Benefits from six weeks to six months to better support Canadians caring for gravely ill family members.
Supporting Seniors
- Reducing the minimum withdrawal factors for Registered Retirement Income Funds to permit seniors to preserve more of their retirement savings.
- Introducing a new Home Accessibility Tax Credit for seniors and persons with disabilities to help with the costs of ensuring their homes remain safe, secure and accessible.
Protecting Consumers and Enhancing Canada’s Financial Sector
- Delivering a new and exclusive financial consumer protection framework for federally regulated banks.
- Expanding the voluntary mortgage prepayment disclosure commitment to non-federally regulated mortgage lenders.
- Launching a National Strategy to support improved financial literacy.
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