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Dec 8 (Reuters) - The following are the top stories from selected Canadian newspapers. Reuters has not verified these stories and does not vouch for their accuracy.
** Oil prices sank to their lowest level in nearly seven years, threatening fresh pain for Canada's economy. The drop in oil prices triggered major falls in both the Canadian dollar and the stock market. Benchmark West Texas intermediate tumbled nearly six percent to $37.65 a barrel, its lowest since February, 2009. (bit.ly/1ONfXnX)
** Federal Finance Minister Bill Morneau confirmed Monday that the contribution limit on the tax-free savings account will drop back to C$5,500 ($4,061) from C$10,000 effective January 1, 2016, but that the limit for 2015 will remain untouched. (bit.ly/1NfnLdr)
** Vancouver-area banks reported suspicious transactions involving mainland Chinese clients 17 times more often than those tied to citizens of any other outside country in recent years. It is unclear if any Canadian laws were broken in the Vancouver-area cases. One expert says it is likely the statistics are evidence of more money entering Vancouver's hot housing market. (bit.ly/1RBQTAS)
** The Canadian government is poised to make good on its promise to cut federal income taxes for middle earners by raising the rate on the richest Canadians - cuts that the government admits won't be revenue-neutral. Finance Minister Bill Morneau is conceding for the first time that the changes are going to cost the federal treasury C$1.2 billion annually, starting in the 2016-17 fiscal year. (bit.ly/1OfAflb ) ($1 = 1.3543 Canadian dollars) (Compiled by Shivam Srivastava in Bengaluru)