CIBC Mellon 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,” saya 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 or the TFSA government website to view a complete list of eligibility requirements and guidelines.
D.C.