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That $670 tax savings from the middle bracket will be wiped out for any TFSA that’s larger than $16,750, Battista estimates, assuming TFSAs could generate 4% per annum. Since most affluent Canadians max out their TFSAs, they will be net losers under the Liberal government. (most maxed-out TFSAs are in the range of $35,000 to $50,000, depending how much they’ve grown since their introduction in 2009.)

Golombek says financial advisers are already calling him up “in a panic,” asking whether clients should withdraw the extra $4,500 people added to TFSAs after the June 23 legislation to bump the limit up to $10,000. They should not withdraw the extra amounts, he said. “We don’t know the legislation or the effective date, it’s just an election promise.”

As for contributing $10,000 on Jan. 1, 2016, he’s less certain, depending on whether the new government views it as a priority to pass draft legislation before year-end. Trudeau has said he would make his proposed tax changes a priority in the first 100 days but Battista says “parliament must be sitting for a ways and means motion to be tabled and it is not clear yet whether they will call a new Parliament before Christmas.”

The younger folk who gave the Liberals their mandate can look forward to an expanded Canada Pension Plan. I’d expect the province to shelve its plan for the oft-criticized Ontario Retirement Pension Plan or ORPP. Golombek agrees, pointing out that Ontario premier Kathleen Wynne announced weeks before the election that if the Liberals prevailed and opened the road to an expanded CPP, Ontario would put the ORPP on a backburner.