TORONTO, ONTARIO--(Marketwire - Nov. 26, 2012) - 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 solutions.