Nearly half of Canadians are unaware of the new Tax-Free Savings Account, a TD Canada Trust survey has found.

In a poll of more than 1,000 Canadians in late October, 45% of respondents were unaware of the new account. Of those who were aware of it, 22% said they did not plan to take advantage of it.

The survey, conducted by Angus Reid Strategies, also found that the number of men familiar with the TFSA, at 63%, outnumbered female respondents, at 47%. Men are also more likely than women to say they planned to open a TFSA, at 38%.

Among different age groups, Canadians 55 or older are most likely to make use of the TFSA, at 40%. Canadians between the ages of 18 and 34 are the least likely, at 26%.

When compared regionally, the results show that Alberta and Québec residents have the lowest awareness, at 50% and 47% respectively, while Atlantic Canadians are the most cognizant at 64%.

“The TFSA has been hailed as the ‘single most important savings vehicle since the introduction of the RRSP,’” said Sarah Armstrong, associate vice-president of retail products at TD. “Every Canadian is entitled to the benefits of the new account and the good news is that 78% of Canadians who are aware of it plan to sign up.”

IE