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Government Talk About TFSA Part 1 of 2

The Honourable James M. Flaherty, P.C., M.P. Minister of Finance

Discusses Tax-Free Savings Account at Budget 2008—Responsible Leadership

If we are to help families prepare for the long term, we must ensure Canadians have the right incentives to save for the future.

Saving isn’t always easy. But it’s important.

Unfortunately, for too long, government punished people who did the right thing.

As one of my constituents recently said to me:

I go to work. I collect my pay. I pay my taxes. And after I pay my expenses each month, I try to put some money away. I don’t have a lot. But I am reaching my goal.

Yet, the federal government taxes me on what I earn on my savings and my investments. Savings and investments I socked away with after-tax income. Why am I being punished for doing the right thing?

Mr. Speaker, he’s right. And we’re going to change that.

The Government will unveil the single most important personal savings vehicle since the introduction of the RRSP: the Tax-Free Savings Account.

This flexible, registered, general-purpose account will allow Canadians to watch their savings grow, tax-free.

It’s the first account of its kind in Canadian history.

This entry was posted on Thursday, March 13th, 2008 at 8:15 am and is filed under News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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