The Financial Post provides my take on Monday night’s Liberal landslide, as it pertains to Financial Independence in this blog that just was published online: So long $10,000 TFSA, and other personal finance fallout from the federal election.
The gist is that we’ll likely lose the $10,000 annual contribution TFSA limits that were only hiked earlier this year but as aging boomers move into semi-retirement or full retirement, it’s likely they’ll fall into the middle tax bracket where the Liberals’ 1.5 percentage point cut should provide several hundreds of dollars of annual tax savings. There are also significant implications for an expanded Canada Pension Plan, Old Age Security and I expect that Ontario will now no longer see a need for the Ontario Retirement Pension Plan or ORPP.
Plenty of other links via my Twitter feed (@JonChevreau), which can also be viewed under the new “Social” tab at the top left of the blue menu bar above.
A good package of the tax policies is in Wednesday’s FP that go into more depth about some of the points raised in the above blog. Be sure to read Jamie Golombek’s The Liberals’ Taxing Policies: What they mean to you and when.
See also Garry Marr’s Think of 2015 as a bonus year for your TFSA and Fred Vettese’s Time to expand CPP, ditch ORPP. (paper only last I checked)
The Wednesday Post also contains a longer version of the blog linked at the top of this blog: How the Liberal Victory is a major setback for Canada’s Wealthy.