Friday, November 28, 2008

Tax Free Savings Account - Too Good to be True?

With the current economic conditions, efforts are being made to help people save money - such as this new financial product that I came across the other day.

New product from the government, my friend Alireza Fadaie of Investors Group Inc. passed this on to me:

"Put the money in the account and dont pay any tax on the interest and withdraw it without any tax consequences! Too good to be true?! Why has government become so generous?! The savings rate in Canada is horrific and has decreased significantly in the past 20 years. Now here is the great way to save!"

It does sound like something that everyone can use and if you are interested I can put you in touch with Alireza to learn more about the details. Here's some additional info I found through googling:

(Information from Department of Finance Canada)

(Information from HSBC)

Hope this helps! Happy savings! :)

No comments: