With the launch of the Tax-Free Savings Account (TFSA) only three months away, RBC is offering pre-registration and advice through its branch and telephone banking network.

“The TFSA is unlike anything Canadian investors have seen before and will be an important investment vehicle for Canadians looking to save money and minimize their taxes,” says David Birkbeck, head, registered products strategy, RBC.

The TFSA is a new registered account that was introduced by the federal government in the 2008 Budget and will be available starting January 2009. The TFSA will be available to all Canadian residents, 18 and older, with a Social Insurance Number and allows eligible Canadians to contribute up to $5,000 each year.

Within the TFSA, RBC clients will have access to a wide variety of investment options including RBC Funds, GICs and savings deposits.

As well, RBC says there will be no annual administration or withdrawal fees Clients will also have the opportunity to make regular, pre-authorized contributions.

IE