Our top financial term of the year is TFSA.
What a see-saw ride it’s been this year for the TFSA. First, the Conservatives almost doubled the limit in their federal budget. Pandemonium ensued: When can we add the extra funds? Do we have to wait until the legislation passes? CRA gave you the go-ahead before the law was passed, clients topped up and life was good.
But the euphoria would be short-lived: Trudeau made it a central part of his platform to roll the Conservatives’ new limit back, and won a convincing majority. The people hath spoken! If you were hoping this would be one of those times a politician broke a promise, you’re outta luck: on December 7 the government announced the limit was being cut to $5,500, effective January 1, 2016.