BMO Applauds Increase to Annual Contribution Limit for TFSA

BMO Applauds Increase to Annual Contribution Limit for TFSA 
TORONTO, ONTARIO -- (Marketwire) -- 11/26/12 -- BMO Financial Group
strongly endorsed the Federal Government's decision to raise the
annual Tax-Free Savings Account (TFSA) contribution limit to $5,500
starting in 2013. 
"Federal Finance Minister Jim Flaherty introduced the TFSA four years
ago and it is a fantastic savings vehicle that provides Canadian
investors with opportunities for tax-sheltered growth on their
savings and investments," said Frank Techar, President, Personal and
Commercial Banking, BMO Bank of Montreal. "The announcement by the
Federal Government to increase the annual contribution limit for
TFSAs will allow Canadians further opportunity to save on taxes and
help households to achieve their financial goals faster."  
According to the Federal Government, approximately 8.2 million TFSAs
have been opened since the program's introduction. Mr. Techar added
that the adoption rate shows that the TFSA tool addresses the savings
and investment needs of all Canadians.  
About BMO Financial Group  
Established in 1817 as Bank of Montreal, BMO Financial Group is a
highly diversified North American financial services organization.
With total assets of $542 billion as at July 31, 2012, and more than
46,000 employees, BMO Financial Group provides a broad range of
retail banking, wealth management and investment banking products and
Media Contacts:
Paul Deegan, Toronto
(416) 867-3996 
Ronald Monet, Montreal
(514) 877-1873 
Laurie Grant, Vancouver
(604) 665-7596 
Twitter: @BMOmedia
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