A better way to improve TFSAs than restoring the annual contribution limit to $10,000 GlobeMoney
. Too many low earners are using registered retirement savings plans to save for retirement when TFSAs would be vastly better. The next change to TFSAs should help them outshine RRSPs for low-income people who will receive the Guaranteed Income Supplement when they retire.
Mr. Shillington figures that a low-income retiree might face what amounts to a tax rate of 50 per cent or more on RRSP withdrawals through a combination of income tax and clawbacks. Mr. Shillington thinks TFSAs could be made more attractive to low-income people through a “saver’s credit,” which would work in a similar way to the grant money that the federal government offers people who contribute to registered educations savings plans. The Canada Education Savings Grant is paid on a 20-per-cent matching basis to a maximum of $500 annually a child on contributions of $2,500 .
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