Should Canada raise the TFSA limit? ๐จ๐ฆ
Since 2009 it's only gone from $5,000 โ $7,000.
Just $2,000 in 17 years while the cost of everything else has skyrocketed.
The TFSA is one of the most powerful wealth building tools for Canadians.
The limit should actually reflect that.
Should they raise it?
@ChizaramNelo I understand, but even in the US the taxes are comparable. You'd have to move to a country like Singapore or UAE to be able to get your gains tax free. And even then, they might have tax on global income. No way to escape it unless you actively relinquish your citizenship.
@BlackScholesMan While I can't say that America won't make mistakes or face downturns, but the idea that Europe will pull ahead of America is frankly ridiculous and reads like fiction.
@sciohn_fhanne Since you seem to be comparing Canada with US and China, I can tell you that they are not in the same weight class.
They have larger population, deeper capital pools, higher consumer base, advantages of scale and so on.
Outside of raw landmass, Canada is a small country.
@sciohn_fhanne About civilizational decline, I think it is more complex. Every country has it. Japan had its lost years, EU/AUS are not doing better then Canada either.