In my opinion, the Roth IRA would be much more successful if it was for everyone, and not just "the poor". - Roth IRA is an investment account. Usually holds E

In my opinion, the Roth IRA would be much more successful if it was for everyone, and not just "the poor". - Roth IRA is an investment account. Usually holds ETFs. TFSA can come both as a savings account and an investment account. People with lower MAGI are less likely to be able to weather the ups and downs of the market for their emergency fund. - $150k MAGI is literally "any job at Google/Facebook"; and also roughly the poverty line for family-with-two-kids in SF Bay Area due to the housing prices here. Who actually has funds to put in a Roth IRA through the front door? - Contribution room mechanism means that you have to know your MAGI before you can put money in it. In Canada, the banks display your contribution room on the online banking portal, because the calculation is the same for everyone. - Any mechanism for a withdrawal penalty makes it regressive. Rich people rely on accountants or TurboTax to track basis; with the TFSA you can just look at your balance to see if it's safe to withdraw money, making it accessible to young people and immigrants. - Rich people can contribute to the Roth IRA through a Traditional IRA, and in doing so, contribute more per year than folks contributing through the front door.