Economic Highlights
September 17th, 2008
NORTH AMERICAN & INTERNATIONAL ECONOMIC HIGHLIGHTS
• The 2008 federal budget gave birth to arguably the most dramatic change in Canada’s savings system since the introduction of the Registered Retirement Savings Account (RRSP).
• The Tax-Free Savings Account (TFSA) is simply a tax exempt savings account which is available to any individual aged 18 and over. At this point, the maximum contribution is $5,000 a year—a
figure that will be indexed to inflation in multiples of $500. Unlike RRSPs, TFSA contributions are
not tax deductible, and the investment earnings are not subject to
• The 2008 federal budget gave birth to arguably the most dramatic change in Canada’s savings system since the introduction of the Registered Retirement Savings Account (RRSP).
• The Tax-Free Savings Account (TFSA) is simply a tax exempt savings account which is available to any individual aged 18 and over. At this point, the maximum contribution is $5,000 a year—a
figure that will be indexed to inflation in multiples of $500. Unlike RRSPs, TFSA contributions are
not tax deductible, and the investment earnings are not subject to