Harper highlights support for savings and retirement security

Today Prime Minister Stephen Harper highlighted his government’s support for measures to help Canadians save and prepare for retirement through the Tax-Free Savings Account (TFSA) and other low-tax policies.  He reaffirmed that a re-elected Conservative Government would continue to protect TFSAs and the recent contribution limit increase announced in Budget 2015.

“Our Government believes in providing incentives for Canadians to save for their short- and long-term financial security,” Mr. Harper said. “The Tax-Free Savings Account is a prime example of our low-tax plan. Nearly 11 million Canadians have opened accounts and are now saving tax-free.”

Only a few years after the TFSA was introduced in 2009, 10.7 million Canadians had opened accounts, and the number continues to grow.  The Harper Government recently doubled the TFSAs, enabling Canadians to save even more each year and see their savings grow, tax-free, more quickly.  Middle-income and low-income Canadian families have benefited the most from the ability to save through TFSAs, as have seniors.

“Older Canadians have worked hard their whole lives and know the value of a dollar saved,” said Mr. Harper. “Tax-Free Savings Accounts are providing seniors with a secure and flexible savings option that protects their money from being eroded by taxes.”

Yet Mr. Harper observed that Justin Trudeau and Thomas Mulcair had promised to take this option away from seniors and other Canadians, replacing it with higher mandatory payroll taxes.  “For Justin Trudeau and Thomas Mulcair to threaten to take this option away is irresponsible, and puts millions of Canadians’ future savings at risk,” he said.

Mr. Harper noted that, in addition to protecting Canadians’ ability to save through a TFSA, the Conservative government had taken other steps such as raising the lifetime capital gains exemption for farmers and fishermen to $1 million, in order to help them succession plan and prepare for retirement.

“We trust hardworking Canadians to make their own decisions about what’s in the best interest of their families, and we believe in empowering Canadians with voluntary savings options and low taxes,” said Mr. Harper. “Justin Trudeau and Thomas Mulcair have threatened to reduce Canadians’ take-home pay and ultimately their financial security.”