ING Bank and Tax-Free Savings Accounts
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December 2, 2008
ING Bank and Tax-Free Savings Accounts
It is our goal at The Tax Management Centre to help you take advantage of tax shelters, and we would like to advise you of the ING Tax-Free Savings Account (TFSA) that will be available on January 2, 2009.
This flexible, registered, tax-free savings vehicle will allow you to save a maximum of $5,000 annually without being taxed on any of the interest or capital gains that you earn within the account. You can withdraw your savings and the interest, tax free at any time, plus carry forward unused contribution room and re-contribution room for an indefinite period.
As a pre-TFSA promotion, ING Bank is offering double interest or 5.4 % on accounts opened prior to December 31. Not only will early registration provide you with additional interest but it will guarantee that on the first business day of 2009, your TFSA will start accumulating tax-free savings and interest.
The TFSA is an excellent savings vehicle for your emergency fund – and it’s as simple as moving your money from the taxable interest account to the tax free account. The Tax Management Centre can walk you through the steps to setting up this new tax-exempt investment account with ING Bank.
Yours truly,
June Oliver
905-257-4221 (Oakville) 905-290-2007 (Mississauga)