Family‐level responses to the introduction of Tax‐Free Savings Accounts
研究了加拿大免税储蓄账户（TFSA）对有子女家庭储蓄的影响，发现TFSA余额每增加1美元，应税金融资产减少约0.25至0.45美元，且对传统税收递延账户无显著影响。
Abstract This paper presents evidence on the effect of the introduction of Canadian Tax‐Free Savings Accounts (TFSAs) on the savings of families with children. Contributions to TFSAs are not tax‐deductible but capital income earned in the account accrues tax‐free and withdrawals are not taxed. Using a difference‐in‐differences instrumental variables research design that exploits the sharp change in a family's cumulative TFSA contribution room that arises when a child turns 18 years old, I find that a $1 increase in family‐level TFSA balances lowers taxable financial asset holdings by approximately $0.25 to $0.45 and has no statistically significant effect on holdings in traditional tax‐deferred accounts. My results suggest that having an additional adult family member eligible to open a TFSA increases the TFSA contributions and account balances of both adult children and their parents.