The January launch of the Tax-Free Savings Account is looming, and financial institutions are stepping up competitive strategies to get Canadians on board even before the official kick-off.

In the most recent move on the competitive landscape, Manulife Financial announced on Monday a slew of options for Canadians to start saving for their TFSAs.

It announced that financial advisors can sign up clients now for a TFSA with Manulife Bank or Manulife Investments to accept contributions immediately on the first business day of the year—Jan. 2, 2009.

Through Manulife Bank, clients can choose from the Manulife Bank Tax-Free Advantage Account and the Manulife Bank Tax-Free GIC. Manulife Investments options include Manulife Mutual Funds, Manulife Segregated Fund Contracts and Manulife Investments Guaranteed Interest Contracts.

In addition, beginning Nov. 24, advisors associated with Manulife Securities can set up TFSAs through the dealer.

“Canadians will have many great new options from Manulife to save money with new Tax-Free Savings Accounts,” said Paul Rooney, president and CEO of Manulife Canada in a statement. “Canadians are looking forward to these tax-free savings vehicles and can take steps now so their accounts are in place for the January 1st launch.”

Meanwhile, BMO launched a contest on Monday to drive up interest in the TFSA it offers. Contestants who go to the BMO website to learn more about the new TFSAs are eligible to win $5,000 a year for life — the same amount as the annual tax-free contribution limit on the new accounts.

Similar to Manulife’s strategy, investors can sign up for the BMO account immediately, but cannot make deposits until Jan. 2.

AIC Ltd. also announced that as of Monday, clients could sign up for an AIC TFSA through their financial advisors. And beyond simply opening an account, AIC encourages investors to use the tax-sheltered account to hold investments in mutual funds. Now is an ideal time to snatch up such funds, according to Jonathan Wellum, CEO and chief investment officer at AIC.

“Given the recent market turmoil and the fact that valuations are quite low, now is an ideal time for value investors to consider establishing a TFSA,” said Wellum in a statement.

The pre-registration option is being offered by several other financial institutions as well, including Scotiabank, CIBC and ING Direct.

According to ING, more than 100,000 Canadians have already opened the TFSA that it offers. To set itself apart, it launched an early version of the account that provides investors who open accounts prior to January with additional bonus interest on deposits up to $5,000, which will be credited on Dec. 31.

IE