Liberal win: Good for first-time home buyers, investors + MORE Oct 20th

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Well, it happened. The Liberals have won a majority, and now it’s time for Justin Trudeau to make good on all the party promises he made—including his pledge to trim the annual Tax-Free Savings Account (TFSA) contribution limit from $10,000 to $5,500, starting in 2016.
For many Canadians, that raises some questions. Such as: What should you do with your TFSA in the meantime? Should you scramble to top up your TFSA today, in case it shrinks tomorrow? And how will this affect my savings goals?
Relax. You can top up your TFSA when and if you can and put that money to work for you by investing it wisely. If it means waiting until next year, don’t sweat it. Trudeau is unlikely to tamper with contribution limits retroactively. To date, any adult over the age of 24 has accumulated $41,000 of tax-sheltered contribution room, and that’s not going to change…

The Liberal party, led by Justin Trudeau, will form a majority government, capturing 184 seats in a sweeping election win Monday.
Throughout the 78-day campaign, Liberal leader Justin Trudeau has repeatedly pledged help for Canada’s middle class. Here’s what he’s promised to do as Prime Minister of Canada as it relates to household balance sheets.
Cut the annual Tax Free Savings Account (TFSA) contribution limit from $10,000 back to $5,500. Arguably one of Trudeau’s least popular campaign promises (an Angus Reid survey recently found that 67% of Canadians aren’t in favour of any political party reversing the increase), the roll back could cost savers tens of thousands of dollars over the long term. A recent MoneySense analysis found high-income individuals stand to lose an estimated $53,000 over 30 years, assuming 5% equity returns and a combined federal and provincial tax rate of 50% under the Liberal plan.
What to do with your TFSA (before Trudeau trims it) »
Raise income taxes on the top 1% of earners, trim it for everyone else…

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Last night’s election was clear: We weren’t happy with status quo.
“It was a very clear verdict that Canadians were seeking real change,” said Pramod Udiaver, CEO of online advisor service, Invisor. “The Liberals campaigned and won with a focus on the middle-class,” says Udiaver, “with many of their promises attempting to make a meaningful difference for middle-income families.”
While most Canadians still struggle with paying too much in taxes, trying to maximize savings while making sound financial decisions, the new Liberal majority government will have real impact on the nation’s real estate market.
Continued interest by foreign investors
“From a fiscal point of view, the Liberal government will be moving Canada from a modestly restrictive economy to an economy with modest stimulus,” explained Craig Alexander, vice president of economic analysis at the C…

The long-awaited federal election is just a weekend away – are you ready to cast your ballot? This election has shone a spotlight on Canada’s economic health – and the pressure is on each party to address the issues of oil prices, tax savings and the housing market.
Meanwhile, there’s more choice than ever in the credit card market, as two new contenders are revealed. Read on for this week’s full coverage.
TFSAs and the Federal Election: What You Should Know
The Federal Election is right around the corner, and each party’s platform has the ability to impact your personal finances. The issue of how each will handle tax-free savings accounts is a top voter concern. Here, we break down each party’s stance on the popular savings option. Read on for the full story.
Read Sean’s Blog |TFSAs and the Federal Election
New Tangerine MoneyBack Credit Card and Capital One Updates
Canada’s credit card landscape just got more competitive; Tangerine has unveiled the details of its Money-Back credit card, while Capital One is bringing exciting new changes to its popular Aspire Travel products…

Montreal GazetteHigh-income earners face higher taxes, lower child benefits under LiberalsMontreal GazetteOTTAWA – Canada's highest income earners face the prospect of higher taxes under a new Liberal government, but those in the middle can expect a break. The Liberals have promised to cut the middle income tax bracket to 20.5 per cent from 22 per cent.and more »