Top 10 things to know about tax-free savings accounts Abbotsford BC

The Federal Government is offering Canadians a new way to save with the introduction of the Tax-Free Savings Account (TFSA) in January 2009. Here are the top ten things all Canadians should know.

BMO Bank of Montreal
(604) 854-8762
101-32988 South Fraser Way
Abbotsford, BC
Type
Branch with ABM

Scotiabank
(604) 870-3200
#100-2777 Gladwin Road
Abbotsford, BC
 
Scotiabank
(604) 504-4150
31205 Maclure Road
Abbotsford, BC
 
BMO Bank of Montreal
(604) 853-8151
32112 S Fraser Way
Abbotsford, BC
Type
Branch with ABM

Canadian Western Bank - Abbotsford
(604) 855-4941
2548 Clearbrook Road
Abbotsford, BC
Office Hours
Mon - Fri: 9:00 - 4:00

RBC - Abbotsford Branch
(604) 853-2212
33780 South Fraser Way
Abbotsford, BC
Languages
English, French
Office Hours
Monday: 09:30 - 16:00
Tuesday: 09:30 - 16:00
Wednesday: 09:30 - 16:00
Thursday: 09:30 - 16:00
Friday: 09:30 - 17:00
Saturday: Closed
Sunday: Closed

Scotiabank
(604) 755-1060
106-2618 Mcmillan Road
Abbotsford, BC
 
RBC - Main Br-Clearbrook
(604) 855-5349
31975 South Fraser Way
Abbotsford, BC
Languages
Hindi, Panjabi, English, French
Office Hours
Monday: 09:30 - 16:00
Tuesday: 09:30 - 16:00
Wednesday: 09:30 - 16:00
Thursday: 09:30 - 16:00
Friday: 09:30 - 17:00
Saturday: 09:30 - 16:00
Sunday: Closed

RBC - Sevenoaks Shopping Centre Branch
(604) 853-8384
32900 South Fraser Way-Suite 142
Abbotsford, BC
Languages
Panjabi, English, French
Office Hours
Monday: 09:30 - 16:00
Tuesday: 09:30 - 16:00
Wednesday: 09:30 - 16:00
Thursday: 09:30 - 16:00
Friday: 09:30 - 17:00
Saturday: 09:30 - 16:00
Sunday: Closed

Scotiabank
(604) 820-5475
33217 First Avenue
Mission City, BC
 

Top 10 things to know about tax-free savings accounts

Provided By:

(NC)-The Federal Government is offering Canadians a new way to save with the introduction of the Tax-Free Savings Account (TFSA) in January 2009. Some banks, like ING Direct, have always advocated the importance of saving and provide products to help Canadians save more of their hard earned money. The TFSA is another product that continues the tradition of saving by keeping withdrawals and investment income tax-free. Here are 10 things you should know about TFSAs:

1. All Canadian residents can open a Tax-Free Savings Account if they're 18 years of age or older and have filed a tax return.

2. The Tax-Free Savings Account will let you invest while not being taxed on the interest earned or investment earnings.

3. You'll be able to open Savings accounts, GIC's and Mutual Funds… tax-free.

4. Unlike an RSP, your contribution to a Tax-Free Savings Account will not be deducted from your income on your tax return, but the interest you earn will not be taxed - so you get to keep what you earn.

5. You can contribute a maximum of $5,000 a year.

6. If you take money out of your Tax-Free Savings Account, you don't lose the contribution room - you get it back in the following year. This is important to remember, because if you take it out you will have to wait until the next year before you can put the money back in.

7. If you don't make the maximum contribution you don't lose the contribution room. The unused contribution room gets carried over to the following year. There is no limit to how much contribution room can be carried forward.

8. You can hold more than one Tax-Free Savings Account with a number of financial institutions but the total of the contributions must be within your total contribution limit in that year.

9. Money you take out of your Tax-Free Savings Account will not affect federal income-tested benefits and credits, so you're not penalized for saving.

10. Each year, the government will determine your remaining available Tax-Free Savings Account contribution limit.

To find out more about the TFSA, visit www.ingdirect.ca/tfsa or call 1-800-464-3473.

- News Canada