As you prepare to cast your vote in Monday’s federal election, it’s important to keep in mind that each of the parties has made various promises that could affect your pocketbook going forward. Here’s a last-minute look at a couple of tax issues.
TFSAs
Perhaps the hottest personal tax topic in the election campaign was the promised rollback of the TFSA annual dollar limit, which was increased to $10,000 earlier this year by Prime Minister Stephen Harper’s Tory government. Both the Liberals and NDP have promised to repeal this increase and have the limit revert back to $5,500, the annual dollar limit before the Conservatives made the change.
So, as a practical matter, if you anticipate an upcoming Liberal or NDP government, should you rush out and make your $10,000 2015 TFSA contribution before the election results are known?
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