'BMOst of Summer' Financial Tip of the Day: Maximize Your Summer Savings
Potential with a Tax-Free Savings Account
TORONTO, ONTARIO -- (Marketwired) -- 07/03/13 -- As part of BMO
Financial Group's ongoing commitment to financial literacy and
'Making Money Make Sense', BMO is releasing a financial tip every day
in the summer to help Canadians make the 'BMOst of summer' in 2013.
'BMOst of Summer' Financial Tip of the Day: Maximize your summer
savings potential with a Tax-Free Savings Account (TFSA).
According to BMO Bank of Montreal's annual TFSA Report, fewer than
half (44 per cent) of Canadians are making the maximum annual
contribution to their TFSA. However, the majority (57 per cent) plan
to contribute the maximum allowable amount within the next five
"Kick-off your summer savings goals by contributing to your - or
opening a new - TFSA and take advantage of tax-sheltered savings and
the power of compounded interest," said Janet Peddigrew, Vice
President, BMO Bank of Montreal. "TFSAs are powerful investment tools
that allow you to enjoy the benefit of tax-free growth, which can
help you reach your investment goals faster."
-- Last year, the federal government raised the annual TFSA contribution
limit to $5,500.
-- Any unused contribution room from the previous year can be added to the
contribution room for the current year, and any withdrawals can be re-
contributed the following year without affecting the annual contribution
-- You can hold the same investments in a TFSA as you can in a Registered
Retirement Savings Plan (RRSP), including GICs, bonds, cash, mutual
funds and stocks.
-- Contributions to TFSAs are not tax deductible; however any income
earned, deposits or investments held in a TFSA - through interest,
dividends or capital gains - are tax-free.
To learn more about BMO TFSAs, please visit
BMO offers a number of products and services that can help Canadians
get more out of every dollar they spend this summer. For more details
on how to make the 'BMOst of Summer,' drop by a BMO branch or visit
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 $555 billion as at April 30, 2013, and more than
46,000 employees, BMO Financial Group provides a broad range of
personal and commercial banking, wealth management and investment
banking products and solutions.
Jessica Park, Toronto
Valerie Doucet, Montreal
Laurie Grant, Vancouver
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