Are the TFSA Odds Ever in Your Favour?
This report suggests that the federal budget’s claims regarding who would benefit from doubling the Tax Free Savings Account (TFSA) annual contribution ceiling are erroneous. The analysis finds that the government’s claims that raising the annual TFSA contribution ceiling from $5,500 to $10,000 would disproportionately benefit lower- and middle-income Canadians use misleading income groupings and excludes data to show a distributional impact that is directly opposite to the one it actually has. The report also recommends the creation of a new lifetime TFSA contribution cap of $150,000 and a new maximum TFSA asset cap of $300,000.
About the author
David joined the CCPA as its Senior Ottawa Economist in 2011, although he has been a long time contributor as a research associate. Since 2008, he has coordinated the Alternative Federal Budget, which takes a fresh look at the federal budget from a progressive perspective. David has also written on a variety of topics, from child care to income inequality to federal fiscal policy. He is a regular media commentator on national policy issues, often speaking to the CBC, Globe and Mail, Toronto Star and Canadian Press. David received his BA from the University of Windsor and his MA from the University of Guelph, both in Philosophy. Follow David on Bluesky at @davidmaccdn.bsky.social
