Canadians don’t want TFSA limit cut

Canadians don’t want TFSA limit cut

Both the NDP and Liberals have said they’d roll contribution limits back

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Canadians are heading to the polls in a month and a majority of them don’t want the TFSA contribution limit to be reduced.

An Angus Reid Institute survey finds 67% of respondents want the federal government to keep the $10,000 limit intact.

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If elected, both the Liberals and the NDP have said they would roll back the limit. One-third of Canadians support their plan to reverse the recent increase.

In April, the federal government increased the limit to $10,000 from $5,500.

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The survey also finds a large majority (81%) back the Liberal and New Democrat pledge pledge to maintain eligibility for old age security (OAS) at age 65. Just 19% believe the OAS eligibility age should be 67.

OAS eligibility will increase gradually between 2023 and 2029.

Canadians born on March 31, 1958, or earlier will not be affected. Those born on or after Feb. 1, 1962, will have an eligibility age of 67, while those born between April 1, 1958, and Jan. 31, 1962, will be part of the phase-in period and will have an eligibility age between 65 and 67.

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This article originally appeared on Benefits Canada.

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