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News Releases


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 visit: www.rbc.com/tfsa.

* 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


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11/27/2008 11:55:39