TORONTO, Jan. 20 /CNW/ - Today, CIBC Mellon announced it is offering
Tax-Free Savings Account (TFSA) services to assist investment fund companies
in providing TFSA options to their clients, and to permit public companies to
offer TFSA selections as part of their employee share/unit purchase plans.
"TFSA is a great new personal savings vehicle that helps Canadians reduce
taxes on their savings," said Thomas C. MacMillan, president and chief
executive officer at CIBC Mellon. "Our TFSA services will help investment fund
companies and public companies offer new tax-free savings and investment
solutions for their clients and employees."
The TFSA is a new registered account that was introduced by the federal
government in the 2008 budget. The TFSA is available to all Canadian residents
who are 18 years of age and older, and allows eligible contributors to save up
to $5,000 in investments including cash deposits, GICs, mutual funds, stocks
and bonds. Visit the Canada Revenue Agency website (link to:
http://www.cra-arc.gc.ca/tx/rgstrd/tfsa-celi/bt-eng.html) or the TFSA
government website (link to: http://www.tfsa.gc.ca/) to view a complete list
of eligibility requirements and guidelines.
CIBC Mellon is 50-50 jointly owned by Canadian Imperial Bank of Commerce
and The Bank of New York Mellon Corporation. CIBC Mellon Global Securities
Services Company is a leading provider of financial services for institutions
and corporations, providing superior asset servicing, multicurrency
accounting, information delivery, securities lending and foreign exchange
services in Canada. CIBC Mellon is part of BNY Mellon Asset Servicing, which
has more than US$23 trillion in assets under custody and administration and
more than $1.1 trillion in assets under management. CIBC Mellon Global
Securities Services Company is a sister company to CIBC Mellon Trust Company.
Visit CIBC Mellon's website at www.cibcmellon.com.
For further information:
For further information: Rashi Sharma, manager, corporate affairs, CIBC
Mellon, (416) 643-6562