News Releases
What the New Tax-Free Savings Account Means for InvestorsBMO Experts Available to Comment on Budget Announcement
BMO Financial Group has experts available this week to comment on the new Tax Free Savings Account (TFSA) that was announced in yesterday's budget.
The TFSA will allow Canadians to invest up to $5,000 tax free outside their RSP starting in 2009. The TFSA will allow savings to accumulate free of taxes on interest, dividends and capital gains. All withdrawals from the TFSA (including income and capital gains) will be received tax- free. Unused contribution room can be carried forward to future years. When amounts are withdrawn, the carry forward contribution room will be increased by the amount of the withdrawal.
BMO experts can discuss:
- How TFSAs work
- Benefits of contributing to a TFSA
- How TFSAs differ from RSPs and the complementary role they play
- Who should consider contributing to a TFSA
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