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The following is available on the Canada Newsroom:

Ottawa, June 18, 2008
2008-046

The Honourable Jim Flaherty, Minister of Finance, today welcomed the support of the Senate and the House of Commons for the passage of Bill C-50, legislation that will help strengthen the Canadian economy. The bill received Royal Assent today, allowing for the implementation of important elements of Budget 2008. Key measures in the bill include the Tax-Free Savings Account, initiatives to modernize Canada’s immigration system, increased funding for more front-line police officers and public transit across Canada, and increased support for post-secondary students.

“Our government is providing responsible leadership in challenging times by focusing on the priorities of Canadians, cutting taxes, and investing in people, knowledge and communities,” said Minister Flaherty. “Bill C-50 is a balanced, focused and prudent bill that will strengthen our economic fundamentals and better position Canada to compete in this highly competitive global economy.”

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The proposed TFSA is a registered savings account that allows taxpayers to earn investment income tax-free inside the account. Contributions to the account are not deductible for tax purposes, and withdrawals of contributions and earnings from the account are not taxable. The February 26, 2008 Budget proposed that this starts January 1, 2009.

What Is This TFSA?

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