RBC offers preregistration for the tax-free savings account
TORONTO, October 9, 2008 — With the launch of
the Tax-Free Savings Account 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,"
said David Birkbeck, head, registered products strategy, RBC.
"Whether part of a long term savings strategy or to meet
a short term financial goal, RBC is available to help clients
understand how they can get the most benefit from the TFSA."
Within the TFSA, RBC clients will have access to a wide variety
of investment options including RBC Funds, RBC GICs (Non-Redeemable,
Redeemable, Canadian Market-Linked, Global Market-Linked)
and RBC Savings Deposits. Plus, there will be no annual administration
or withdrawal fees. Clients will also have the opportunity
to make regular, pre-authorized contributions through TFSA-Matic.
The Tax-Free Savings Account (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.
Canadians wishing to learn more, get advice or preregister
for a Tax-Free Saving Account can do so through Royal Direct
1-800-463-3863 or through booking an appointment at their
local RBC branch.
For more information on the Tax Free Savings account, please
* The age of majority is 19 in certain provinces and territories,
which may delay the opening of a TFSA. However, the accumulation
of contribution room will start at age 18.
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For more information, please contact:
Sarah Pendrith, (416) 974-8820