Invesco Trimark is now accepting applications for the Tax-Free Savings Account (TFSA), the investment management firm announced Wednesday.

Introduced by the federal government in the 2008 budget, the TFSA, which takes effect on Jan. 1, 2009, is a flexible, registered account that allows Canadians who are at least 18 years of age to invest up to $5,000 each year and avoid paying taxes on their investment income.

“With its ability to immediately shelter investment-related income from taxation, the TFSA should become an indispensable wealth planning tool for all Canadian investors,” says Doug Carroll, vp, tax & estate planning at Invesco Trimark. “Its enduring value becomes much clearer if it is treated as a long-term investment account rather than a short-term savings account because of the tax-free compound growth.”

Advisors can access application forms at advisor.invescotrimark.com.

IE