CANADIAN FAIR OPPORTUNITY SAVINGS ACCOUNTS
WHEREAS The distribution of wealth in Canadian society remains concentrated amongst a small fraction of its population1.
WHEREAS; Millions of other Canadians fight each day to gain their first foothold on the road to the liberty that comes with financial independence.
BE IT RESOLVED that the Liberal Party of Canada (LPC) urge the Government of Canada to establish a new means-tested savings tool that provides fair opportunity to each child born in Canada as well as those who emigrate to Canada and become citizens prior to the age of 18.
BE IT FURTHER RESOLVED that a Canadian Fair Opportunity Savings Account (CFOSA) be established for each child born in Canada, with a first contribution made at birth and annual contributions through to the age of 18. An equivalent CFOSA and contribution would be established for children who emigrate to Canada, become Canadian citizens and are under the age of 18.
BE IT FURTHER RESOLVED that the CFOSA be established as a means-tested program with the benefits of this initiative focused on the families most in need of support.
https://sgfla.ca/wp-admin/post.php?post=4146&action=editBE IT FURTHER RESOLVED That the CFOSA be established as a savings account where a first $1,000 is deposited at birth, with additional deposits of up to $2,000 each year, based on means testing. The funds will sit in an interest-bearing account, which can be accessed by account holders at age 18. For new Canadian Citizens, a deposit of $1,000 would be made upon the establishment of the account with additional deposits of up to $2,000 each year, based on means testing.
State the Sponsors & Endorsers EDA & PTB, National Commission or Commission Section, or National Caucus: Simcoe-Grey Electoral District Association
- StatsCan: https://www150.statcan.gc.ca/n1/daily-quotidien/220128/dq220128b-eng.htm
- Forbes via Curiocity: https://curiocity.com/richest-canadians-2022-forbes/