Canada's Original Think Tank

Budget 2015—Tax-Free Savings Accounts

Budget 2015—Tax-Free Savings Accounts

Budget 2015—Tax-Free Savings Accounts

Budget 2015—Tax-Free Savings Accounts


Published on 7 May 2015
Hansard and Statements by Senator Céline Hervieux-Payette (retired)

Hon. Céline Hervieux-Payette:

When I hear that your government, and especially your Prime Minister, would like to do away with the Canada Pension Plan and that we should manage our pension funds ourselves, he must certainly be forgetting the people who earn between $29,000 and $40,000 a year.

Mr. Speaker, could you call the senators to order? I don’t interrupt you while you are talking. Please be quiet.

The Hon. the Speaker: Order. Honourable senators, when a fellow senator has the floor, let’s try to refrain from catcalls and exchanges back and forth. Let’s have the decency of allowing the senator to pose her question and letting the leader answer the question.

Senator Hervieux-Payette: Thank you, Mr. Speaker. I was talking about Canadians who earn between $29,000 and $40,000 a year. From 1999 to 2009, their incomes increased by 48 per cent, while the incomes of those who contribute to a TFSA — meaning taxpayers who earn $100,000 or more a year — increased by 98 per cent. Tell me how individuals who earn $40,000 a year can save $10,000 a year once they have put food on the table, a roof over their heads and clothes on their backs and travelled to and from work. How can they put $10,000 a year into a TFSA? People who are earning $100,000 a year are getting a leg up on low-income earners by doubling their incomes.

 

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