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The future of the tax free savings account is on the line in this federal election.

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He has close to $1.25 million in his tax-free savings account and now the Canada Revenue Agency wants to know how.

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The focus of the debate has been mostly on the decision by the governing Conservatives to increase the annual contribution limit to $10,000 from $5,500. Their two main opponents, the Liberals and the New Democrats, have vowed to roll back the increase.

But TFSA account holders have other worries. Some fear future governments will renege on their promise to never tax money inside the accounts — unlikely, because it would be political suicide.

Lifetime contribution limits are another issue — other jurisdictions with similar accounts already have them. Additionally, under the current system, withdrawals don’t impact compensation levels for old age security or the guaranteed income supplement, and many wonder whether that will always be the case.