News Releases

BMO Now Accepting Tax-Free Savings Account Early Applications

TORONTO, November 3, 2008 – Starting today, BMO is offering Canadians the ability to apply early for a Tax-Free Savings Account (TFSA) at all BMO branches across Canada or by phone. By applying early for a TFSA, Canadians can start to enjoy tax free savings immediately in the New Year.

“The TFSA is great news for all Canadians, providing them with a powerful tool to save money without paying any tax on investment earnings or withdrawals,” said Tina Di Vito, Director, Retirement Group, BMO Financial Group. “BMO is well prepared to help Canadians understand the TFSA so they can take full advantage of the most important advancement encouraging Canadians to save since the RRSP was introduced in 1957.”

Canadians can learn more about the TFSA, or apply early for a BMO TFSA, by:

Visiting their local BMO branch;
Calling BMO Direct Banking at 1-877 CALL BMO;
Visiting bmo.com/tfsa

“This is an exciting new way to save and at BMO, we are pleased to offer Canadians the ability to apply early for a TFSA across all our businesses,” adds Di Vito.

Starting November 17, TFSA early applications will also be accepted through:

BMO InvestorLine;
BMO Online Banking;
BMO Nesbitt Burns;
BMO Harris Private Banking.

About the TFSA:

Contributions to a TFSA begin January 2, 2009.
Canadian residents age 18 and over can contribute to a TFSA.
You can contribute a maximum of $5,000 per year to your TFSA.
You can carry forward any unused contribution room from one year to the next.
Withdrawals from your TFSA account can be made at any time. The amount you withdraw from your TFSA will be added to your unused contribution room so that the funds withdrawn can be put back into a TFSA in a subsequent year.

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