Pros and cons of using the tax system to subsidize health care premiums for the uninsured + MORE Aug 25th

Using the federal income tax system to promote social policy goals is a time-honoured strategy for policymakers of both political parties.
The nation’s main anti-poverty program, the Earned Income Tax Credit, uses the tax system to supplement the earnings of low-income families. Employer-provided health insurance is tax-free for workers and tax-deductible for companies, a huge boost for workplace coverage.
But some economists say that the chief purpose of any tax system should be revenue collection, and using income taxes to advance social policy makes the code needlessly complicated, while also distorting incentives to work, save and invest.
Some pros and cons of using the tax system to help people pay premiums for private health insurance, as the Affordable Care Act does:
PRO: Could build support for the health overhaul because tax credits have greater political popularity than traditional government spending programs.
CON: Complicates tax filing for many lower-to-middle income people, who may not be able to afford tax-preparation services…

Spending a year in university for a program that you wind up hating can be like throwing money in the trash.

This GIC rate is offered by DUCA Financial Services and was updated on 2014-07-12. Click on the link above to get more details or apply online.

The Tax-Free Savings Account (TFSA) allows Canadians to set aside and grow money tax-free throughout their lifetime.   This is a great deal folks.  Each year, you likely already know you can contribute up to the pre-defined dollar limit for the calendar year, plus any unused TFSA contribution room from the previous years, and contribute any amount you withdrew from the year before.  This account is a great way to save for short-term and long-term goals.
Here are some of the very best things about the TFSA that work for me.

TFSAs are available to Canadians aged 18+ with no upper age limit to collapse the account unlike other investment accounts.  For example, my self-directed Registered Retirement Savings Plan (RRSP) has an age-limit rule applied, the account must be collapsed in the year I turn 71.  If things go well financially, I expect to draw down my RRSP before age 60 to take an early retirement and keep my TFSA for as long as I can, churning out tax-free income I can spend…

This GIC rate is offered by Oaken Financial and was updated on 2014-06-06. Click on the link above to get more details or apply online.