TFSA Timeline Update

The Canada Revenue Agency has announced that  Canadians can contribute $10,000 to a TFSA right away — without waiting for the budget to pass.   See the announcement.

Doing so is likely safe based on the established tradition of taxpayers acting as if budget proposals announced by a majority government will pass into law.  Even if the budget is not passed into law before the upcoming fall election and even if the election results in a change in government, past parliamentary practice suggests that any new government would be morally obliged to respect the budget announcement and that any return to the old limit would not apply to contributions made on the basis of the budget announcement.

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