BMO Annual TFSA Report: Contributions Expected to Rise 34 Per Cent
- Canadians hold an average of $17,490 in their TFSA, with nearly half using their account for retirement savings - Only one-in-five Canadians are aware of the $5,500 maximum annual contribution to a TFSA - One-in-ten TFSA holders have over-contributed in the past, costing an average of $412.50 in penalties
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 11/06/14 -- According to the 5th Annual BMO Tax Free Savings Account (TFSA) Report released today, Canadians expect to contribute an average of $4,884 to their TFSA by the end of 2014, an increase of 34 per cent from last year.
However, while contributions are increasing, many Canadians remain unfamiliar with the rules of holding a TFSA. The survey, conducted by Pollara, revealed:
"There are many upsides to using TFSAs for a variety of savings and investing goals, most notably its flexible access to funds - uncommon among registered savings plans," said Ryan ffrench, Director, Term Investments, BMO Financial Group. "However, this benefit, if not understood or monitored on a regular basis, can also create challenges and end up costing investors if funds are re-contributed to the account incorrectly."
Mr. ffrench noted that those who withdraw funds after contributing the maximum amount allowed to a TFSA otherwise they will incur a tax penalty. However, these withdrawal amounts will be added to their contribution room the following year.
Number of TFSA accounts remains stable with more intending to invest the maximum contribution amount in 2014
According to the report, use of TFSA accounts has remained stable since last year, with 48 per cent of Canadians having an account. Moreover:
Regional Breakdowns
TFSAs at a Glance
TFSAs allow Canadians to earn tax-free investment income to meet their savings needs. Key benefits of this registered plan include:
For more information on BMO's Tax Free Savings Account, please visit a BMO branch or online at .
Results cited in this release come from a Pollara survey with an online sample of 1,003 adult Canadians, conducted between October 7th and October 9th, 2014. The margin of error for a probability sample of this size would be +/- 2.7%, 19 times out of 20.
About BMO Financial Group
Established in 1817 as Bank of Montreal, BMO Financial Group is a highly diversified financial services organization based in North America. The bank offers a broad range of retail banking, wealth management and investment banking products and services to more than 12 million customers. BMO Financial Group had more than $586 billion in total assets and approximately 47,000 employees at July 31, 2014.
Contacts:
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Kathleen Savage, Toronto
(416) 867-3996
Valerie Doucet, Montreal
(514) 877-8224
Twitter: (at)BMOmedia
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Datum: 06.11.2014 - 11:00 Uhr
Sprache: Deutsch
News-ID 350213
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