Conservative Leader Pierre Poilievre is promising an additional C$5,000 ($3,500) in tax-free savings room for Canadians who invest in local companies.
The pledge, if enacted, would mark the first invest-in-Canada incentive for the Tax-Free Savings Account since it was created in 2009.
Similar to a Roth Individual Retirement Account in the US, a TFSA is funded with after-tax money, offers tax-free growth and withdrawals and is available to Canadian residents 18 and older. Investors are currently allowed to put in C$7,000 a year, with no geographic restrictions on where they invest. That amount would stay in place.
Canada's Boomers Hold More TFSA Funds Than Others
“It will bring home billions of dollars of investments and jobs to Canada, while bring home savings for you,” he said in a video posted on social media Thursday. “Money will rush into Canadian businesses who will in turn hire more people and pay more taxes. And it will help us become more self-reliant and sovereign as we stand our own two feet and stand up to the Americans.”
With about a month until the April 28 election, Poilievre is fighting a tough battle against Liberal Leader Mark Carney, who has seen a surge of support amid US President Donald Trump’s tariff and annexation threats.
Several opinion polls now show the Liberals’ lead widening over the Conservatives, who just a few months ago were on track to form a majority government.
CMP
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