The new year means there are new opportunities for you to get the most out of your money. As of today (January 2, 2009), the Tax-Free Savings Account introduced by the Government of Canada in the 2008 Budget has been made available. In a nutshell, Canadians will be able to set aside up to $5000 each year in various savings options and not have to pay tax on the income earned or on withdrawals. If you haven't already, you can check out our feature article from 2008 called A Wealth of Choices: Understanding the New Tax-Free Savings Account that will help you understand what the Tax-Free Savings Account is all about and how it can impact your financial planning.
In the coming days as banks and financial service providers make their TFSA offerings available, we'll be putting together a comparison of the different services, features, and fees from major players. Until then, here are the respective TFSA information pages from various institutions:
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In the coming days as banks and financial service providers make their TFSA offerings available, we'll be putting together a comparison of the different services, features, and fees from major players. Until then, here are the respective TFSA information pages from various institutions:
- Government of Canada Tax-Free Savings Account Page
- Bank of Montreal, BMO Investorline TFSA Commissions and Fees Schedule
- CIBC
- Etrade Canada
- Questrade Tax Free Trading Account
- Royal Bank of Canada
- Scotiabank
- TD Canada Trust, TD Waterhouse
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