Cdn members - will you use your tax free savings account?

[cookiemonster2]

I'm just wondering how many people will take advantage of this given that many people already do not use their full RRSP contribution room?

(scroll down a bit)

http://www.budget.gc.ca/2008/plan/chap3b-eng.asp

Personally, I'm single and kid free so I've got spare cash to invest but I think a lot of families don't have all of this spare cash around to put in tax shelters.

I'm surprised a "conservative" government that believes people should decide what to do with their money would implement a policy that encourages savings. I should pay the same amount of tax whether I want to piss money away on more guitars or invest it.

[Nuclear Vampire]

I don't have the cash to put in to it. 2 kids and a studio under construction doesn't leave me a lot to play with afterwards.

They budget was kind of...underwhelming though, don't you think? This savings account was the only real "big" announcement in it. No big tax cuts or hikes, no crazy new initiatives...pretty safe. Didn't want to force an election I guess.

[horns666]

it'll pay for my wife's medical care and insurance...whoopie!

They're NOT giving you anything..jacked the cost of absolutely everything and then give you a rebate.

[StukaJU87]

it'll pay for my wife's medical care and insurance...whoopie!

They're NOT giving you anything..jacked the cost of absolutely everything and then give you a rebate.

Bil they are talking about Canada, not the USA. Light up that bong, brother.

[SEEGERMANY]

Maybe Bill's smoking some of that "canadian rag weed."

[zeegler]

Fuck them. They rape us with taxes and then we're supposed to get all excited about this? First the government has their turn, then the banks, utilities, and insurance companies take their turns, and the government does NOTHING to stop it. What money do I have left to save? NONE!

[horns666]

...I guess I didn't read thsi good enogh..I thought it was about that whatever check we're supposed to be getting. But, I agree with Zeegs..at least we're getting something..even though we paid for it..better than a poke in the eye..the brown eye.

Some Canadian rag weed sound pretty good right now..I alm going to fire up Z'Bong..yes I am!

Have a great weekend fellow Mofos..

[cookiemonster2]

They budget was kind of...underwhelming though, don't you think? This savings account was the only real "big" announcement in it. No big tax cuts or hikes, no crazy new initiatives...pretty safe. Didn't want to force an election I guess.

I don't think the Federal Gov't can afford to give any more big personal tax breaks. There have been alot in the last few years. First with the Liberals indexing the tax brackets and credits, creating the second lower middle bracket and lowering the lowest bracket from 17 to 16%. Then when they were battling with the Conservatives in the last two elections the lowest bracket was dropped another 1%.

The Conservatives actually started to reverse this cut to make up for cutting the GST, but politically they had to cut the GST and keep the income tax cuts the Liberals already gave.

I did my tax return today, I then calculated what I would have paid on the same amount of income back in 2000 before all of these changes happened. My Federal tax payable is 20% lower than it would have been then on the same amount of income I made this year. That's about three monthly mortgage payments worth to me. So that's not too bad I guess.