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On Monday, November 26, 2012, The Honourable Ted Menzies, Minister of State (Finance), and the Honourable Gail Shea, Minister of National Revenue, announced a $500 increase in the annual contribution limit for Tax-Free Savings Accounts, beginning in 2013. This change raises the annual contribution limit to $5,500.
Since the Harper Government made TFSAs available in 2009, Canadians have been able to earn tax- free investment income on contributions of up to $5,000 per year. All Canadians from students to young families to seniors can earn tax-free income through a range of investment products. TFSAs have become increasingly popular, with approximately 8.2 million Canadians having opened an account and roughly 2.5 million Canadians contributing the maximum amount in 2011.
The Ministers highlighted key features of the TFSA that make it a popular savings vehicle for Canadians:
When the TFSA was introduced, the Harper Government announced that the $5,000 annual contribution limit would be indexed to inflation in $500 increments. 2013 will be the year in which the first $500 increment takes effect, which means more room for Canadians to put funds aside for their financial goals.
Should you have any questions concerning the Tax-Free Savings Account, please contact an MNP office in your region.
Related Topics:Personal Tax; TFSA
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