My Favourite Rick Mercer Clip Ever
Rick Mercer is really a funny guy … I think a privatized CBC should keep him on!
EI Reform and tax-free savings accounts!
My two favourite features of today’s budget:
1. The Canada Employment Insurance Financing Board. This is Looooooooonnnnnngggggggg overdue – thank god we finally got a government with the balls to tackle it. Essentially this will prevent future governments from using EI surpluses to pad their overspending, and make the EI payroll tax self-funding, instead of a big slush fund for liberal fancies of the day.
2. The Tax-Free Savings Account. This is an amazing instrument to help the Canadian economy AND everybody in it. For those rich enough to max out their RRSPs, this is another way to shelter money from taxes; for those who are not rich enough, they could split their RRSPs and TFSA contributions up, and have two sources of retirement revenue. For middle class people saving money for a house, car, boat, European vacation or whatever else, this is a great way to save money without being taxed. And finally, for young people (and, comparatively, poorer), who are faced with the prospect of getting 15% back on their taxes for their RRSP contributions in their 20s or 30s, only to pay 29% on the money they take out when they retire (if their income is in a higher bracket by then, which is certainly a possibility), this new TFSA makes it make sense for these people to save for their retirement (or, whatever else they want to save for, without being penalized for taking it out before they retire).
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