'Today's deficits are tomorrow's taxes': Conservative finance critic on Liberals' tax plan
The Conservative Party’s new finance critic is open to raising the contribution limit on tax-free savings accounts, but won’t commit to restoring the $10,000 annual limit brought in by the previous government under Stephen Harper.
“We don’t have an election platform written yet so I don’t want to speak prematurely,” Conservative MP Pierre Poilievre told BNN in an interview. “What I will say is that the previous government both created the tax-free savings accounts and increased the [contribution] limit to $10,000 per year… that was a very positive decision.”
The Liberal government campaigned against increasing the limit and rolled it back to the $5,500 level in December 2015. The accounts – which allow Canadians to shelter gains from investment and savings from taxes – have grown in popularity. Canadians have stashed more than $150-billion in TFSAs, according to estimates from the Montreal Economic Institute.
“We need to help people to save for their own future and one way to do it is through a strengthened TFSA,” said Poilievre.
The new finance critic also took aim at the Liberal government’s plan to close tax loopholes used by private corporations and small businesses. He says the move could help derail Canada’s strong economic growth.
“They’ve had the good fortune of a roaring strong American economy and the low dollar to boost exports, and they are blowing that good fortune with unnecessary spending and massive debt that will mean higher taxes and more difficulty down the road,” said Poilievre.
Annual TFSA Contribution limits
|YEARS||TFSA ANNUAL LIMIT||CUMULATIVE TOTAL|
|2009 - 2012||$5,000||$20,000|
|2013 - 2014||$5,500||$31,000|