The majority of Canadians have not yet taken advantage of the Tax-Free Savings Account program, according to research conducted by Radix Market Research for ING Direct.
The online survey found that among clients of the Big 5 banks, on average only 6% have opened a TFSA. However, at ING Direct, 31% of clients have
opened a TFSA.
The TFSA program was launched by the federal government in January 2009. All Canadian residents 18 years of age or older can save up to $5,000 (for all combined TFSA accounts they hold) each year. Any unused contribution room can be carried over to the next year.
To encourage more Canadians to open a TFSA, ING Direct is offering 3% interest (calculated daily, paid monthly) up until October 1, 2009.
“We’re paying the kind of interest usually reserved for investments that make you lock away your money at other banks,” says Peter Aceto, CEO of ING Direct.
IE
Majority of Canadians not taking advantage of TFSAs: survey
ING Direct offers 3% interest on TFSAs to encourage more Canadians to save
- By: IE Staff
- August 11, 2009 August 11, 2009
- 10:38
IE Staff