MONTREAL, Oct. 30 /CNW Telbec/ - With an aim to facilitating access to
the new measure to encourage saving via the tax-free savings account (TFSA)
before the vehicle is officially launched on January 2, 2009, Laurentian Bank
is enabling savers to proceed with opening their TFSA immediately.
What is a TFSA?
The TFSA is a savings account registered with the Canada Revenue Agency
that allows account holders to enjoy the benefits of a tax shelter. By virtue
of this program, investment income such as interest, dividends and capital
gains are not taxable and will never be, even if the amounts accumulated are
withdrawn. When a withdrawal is made from a TFSA, the amount taken out will be
added to the contribution limit for the subsequent year.
All Canadian residents aged 18 and over can contribute up to $5,000 per
year to a TFSA. Savers can find out the maximum amount they are eligible to
contribute during a given year by consulting the contribution limit on their
Notice of assessment issued by the Canada Revenue Agency upon filing their tax
Laurentian Bank's TFSA: The Most Comprehensive on the Market
Laurentian Bank has designed its TFSA to be the most complete financial
vehicle of its kind on the market today. Thanks to this vehicle, it will now
be possible to lump all investments together into a single tactical account
generating only one statement. The Laurentian Bank's Tactical TFSA could
include the following types of investments:
- Cash account (progressive rate)
- GIC and Term deposit
- Laurentian Bank ActionGIC
- term note
- Mutual funds
"Because the Bank is expecting the TFSA to be of tremendous interest to a
large number of savers, we have decided to facilitate worry-free access to the
product by enabling individuals to register their account earlier," explains
Bianca Dupuis, Assistant Vice-President, Investment Products. "As such, Bank
clients can be assured of gaining maximum benefit of this account of which
income earned will be tax-free as soon as the vehicle officially comes into
effect at the start of the new year."
Effective immediately, savers can open their Tactical TFSA at any
Laurentian Bank branch. Alternatively, existing Laurentian Bank clients can
contact the Telebanking Centre at 514 252-1846 or 1 800 252-1846 (toll-free).
About Laurentian Bank
Laurentian Bank of Canada is a banking institution operating across
Canada and offering its clients diversified financial services. Distinguishing
itself through excellence in service, as well as through its accessibility,
the Bank serves individual consumers and small and medium-sized businesses.
The Bank offers its products to a wide network of independent financial
advisors through B2B Trust, as well as full-service brokerage solutions
through Laurentian Bank Securities.
With 156 branches and 340 automated banking machines, Laurentian Bank of
Canada is well established in the Province of Quebec, operating the
third-largest branch network. Elsewhere throughout Canada, it operates in
specific market segments where it holds an enviable position. Laurentian Bank
of Canada has more than $19 billion in balance sheet assets. Founded in 1846,
the Bank employs more than 3,500 people.
For further information:
For further information: Manon Stébenne, Senior Manager, Media and
Public Relations, (514) 284-4500, ext. 8232,