History
It was introduced by Jim Flaherty, Canadian federal Minister of Finance, in the 2008 federal budget. It was a significant measure in the budget and came into effect on January 1, 2009.
This measure was supported by the C.D. Howe Institute, which stated; “This tax policy gem is very good news for Canadians, and Mr. Flaherty and his government deserve credit for a novel program”. Furthermore, the Canadian Federation of Independent Business, Canadian Bankers Association, Bank of Montreal economist Doug Porter, the Canadian Chamber of Commerce, and the Canadian Taxpayers Federation also supported this tax policy.
Read more about this topic: Tax-Free Savings Account
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