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Archive for 'TFSA'

Flaherty’s Legacy: Ideological, reckless and just plain lucky

This piece was originally published at the Globe and Mail’s online Report on Business feature, EconomyLab.   There are two reasons why it is difficult to comment on the legacy of a finance minister. 1) It is a tremendously challenging job, anywhere, any time. Stewarding one of the largest economies in the world through a […]

Fairness by design: a framework for tax reform in Canada

A new CCPA (National) report by Marc Lee and myself argues that Canada’s tax system needs a “fairness” overhaul and presents a framework for progressive tax reform. Those of you who have been following our tax work so far will find this study a great complement to the BC Tax Options Paper. Tax policy is […]

False Consciousness, Part I: On Elections and the Middle Class

The following appeared in the National Post today. We’re in the last week of a federal election campaign, and every party wants you to believe they’re there for the hardworking families of a middle class under enormous pressure. That’s you, right? The idea of the middle class resonates, because it is a notion we all […]

Who Benefits from the TFSA?

A shorter version of this analysis was published today in the Globe and Mail’s online business feature Economy Lab. Stephen Harper has unveiled yet another plank in a platform that seems remarkably out of touch with the concerns of an electorate walking on post-recession eggshells. His latest proposal would double the contribution limit to the […]

TFSA: Just The Facts Ma’am

Here are the most important facts about the Tax Free Savings Account. Will blog further on this tomorrow. Introduction of the Tax Free Savings Account: January 1, 2009, right at the height of the economic meltdown What’s new: Stephen Harper promises to double the contribution limits to the Tax Free Savings Account, from $5,000 a […]

Are Tax-Free Savings Accounts Contagious?

Obama’s speech to Congress laid out an excellent agenda: substantial investments in renewable electricity, healthcare reform without delay, increased education spending, enforced limits on carbon emissions and the end of Bush tax cuts for Americans making more than $250,000. However, there was one bug, which I fear the President may have caught on his recent visit […]

The Cost of Tax-Free Savings Accounts

Supporters of various American wars have sometimes proclaimed, “Freedom isn’t free.” This idiom could also be applied to Tax-Free Savings Accounts, which entail a cost in terms of lost federal and provincial revenues. When Budget 2008 unveiled TFSAs, several writers on this blog pointed out that their initially low fiscal cost would grow exponentially over time. […]

Mintz on Tax-Free Savings Accounts

As Andrew, Marc, Toby and I pointed-out at the time, despite the low up-front cost of Tax-Free Savings Accounts, they will become exponentially more expensive over time. To obnoxiously quote myself, “this measure could burn a significant hole in future government revenues.” It is worth noting that Jack Mintz, a huge fan of Tax-Free Savings […]

Still More on Tax Free Savings

I’ve posted below some interesting comments from Richard Shillington, a senior associate at Informetrica Ltd – who among many other accomplishments has drawn attention to very high effective tax rates on low income Canadians, and the failure of many programs to reflect the realities of life in low income.  I think Richard advances a good […]

More on the Tax-Free Savings Account from the Toronto Star

If anyone had any doubt…