Why it’s time to raise the TFSA limit to $8,500 + MORE Feb 25th

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Overlooked retirement income and planning considerations I’ve mentioned this a few times on my site:  there is a wealth of information about asset accumulation, how to save within your registered and non-registered accounts to plan for retirement.  There is far less information about asset decumulation including approaches to earn income in retirement. Thankfully there are…
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Why it’s time to raise the TFSA limit to $8,500 
 
If the government won’t increase RRSP contribution room for high earners, a reasonable alternative might be to modestly increase TFSA contribution room for everyone.
Canadians are notoriously nice consensus seekers.  The old joke might be that they tend to never cross the road because they consistently prefer to be in the middle.  If that’s the case, I’d like to propose a “Canadian” solution to the ongoing debate about how much should be allowed to contribute to their TFSAs annually.
You may recall that the limit is currently set at $5,500 and is likely to go up to $6,000 in a year or two (TFSA contributions are indexed to cumulative inflation and go up in $500 increments when thresholds are passed). You may also recall that for one brief year, the limit was set at $10,000 in keeping with a political promise made by a party that is no longer in power in Ottawa.  The debate, it seems has mostly revolved around the benefit of incremental tax relief for those who might not need it…

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