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O Tax-Free Savings Account's increased contribution limits good for Canadians Dollars & Sense Peter Watson vested in Tax-Free Savings Accounts. It is expected that the new contribution limits for TFSAs will be detailed in the upcoming federal budget on Tuesday (April 21). Suddenly, the notion of an increased contribution limits to TFSAs has become a political "hot potato." There are many different opinions on whether this is good economic policy or a political move by the government, led by Prime Minister Stephen Harper, that is trying to hang on to power. Any encouragement for Canadians to increase their savings is a bene t. A recent Bank of Montreal study found that 40 per cent of Canadians believe they do not save enough. Higher TFSA contribution limits will be a bene t to those. Some complain that this will only bene t the rich. In my opinion, that is not a valid argument. The truly rich will not nd it signi cantly bene cial to be able to add an additional $5,500 to a TFSA. Those who will bene t most are the hardsee Increasing on p.31 27 | Thursday, April 16, 2015 | OAKVILLE BEAVER | www.insideHALTON.com ne of your best ways to save is about to get better. This will be of signi cance to many Canadians. The federal government has hinted they will double the annual Tax-Free Savings Account (TFSA) contribution limit from $5,500 to $11,000. This was a prior promise of the federal government and was dependent on it being able to balance the federal budget. The TFSA was introduced in 2009 and allowed Canadians to contribute $5,000 a year. That annual limit was increased to $5,500 in 2013. Guest Contributor Money held within a TFSA is free of any income tax and can be withdrawn at any time. Canadians currently have $131-billion in- staurant Sweets & Re Samosa SpeCiaL at All You Can E n ria 100% Vegeta BuffEt Weekday 2 /$1 LUNCH 10 DiNNeR $1199 $ 99 From 11am-3pm From 5pm-9pm Fine cabinetry proudly made in Canada for any room in the house Receive up to $2,600 on FREE* accessories with the purchase of a complete kitchen. * Visit our showroom today for complete details. The value of your free accessories is based on 13% of your cabinet order when purchasing a complete kitchen. Offer expires April 30, 2015. 2 Hr. Seating Limit 10% Gratuity charge for groups of 10 or More 2345 Trafalgar Road · 905-257-0808 JUNIOR (3YR - 11YR) $8.99 Kids (2YR & Under) $ Free www.uniquekitchensofburlington.com 905-632-0029 4150 South Service Road, Burlington Same or Next Day oakville Home of the Delivery in Great big Super Sac black soil only $ buy 2 SaCS Save $20! AMERICAN EXPRESS ® HuGe SaC... Small PriCe! Delivery iNCl. 1 1 9 + $5 refundable deposit on sac 1.866.465.8657 Call or order online: supersac.ca