Press Release
Why wait until 2009 to get the benefit of tax-free savings?
ING DIRECT offers bonus interest to cover taxes this year
October 6, 2008, Toronto, ON – Although Tax-Free Savings Accounts (TFSA) are not available until January 2009, ING DIRECT has found a way to help Canadians get a head start on tax-free saving three months early, with the pre-launch of a Tax-Free Investment Savings Account. Available today through to December, 31, 2008, the account will pay bonus interest on up to $5,000 that Canadians can use to cover their taxes on interest earned until the end of the year. And to ensure Canadians are ready to officially start saving tax-free in the New Year, the funds in this account will be deposited into a TFSA on January 1, 2009.
A recent Angus Reid poll revealed that more than a third of Canadians want to take advantage of tax-free saving as soon as it's available, and the Tax-Free Investment Savings Account from ING DIRECT is helping them do just that.
"We are so excited about the advent of tax-free saving that we couldn't wait until January to give Canadians the chance to save more of their hard earned money. As the company that started the savings revolution in Canada, we know that savers are counting on us to deliver a simple and easy option for tax-free investing that gives them more value for their money," said Peter Aceto, President and CEO, ING DIRECT. "By paying substantial bonus interest, our unique offer reimburses Canadians for the taxes they are required to pay on interest earned in the account until the end of the year and ensures their money is ready to start earning interest tax-free on day one."
"This really is a gift from the taxman to all Canadians that we are helping to unwrap early. We hope that all savers will take advantage of the opportunity to save tax-free starting today. Alongside our new account, we've also launched a fun, simple and interactive microsite called hugthetaxman.ca, where savers can learn more about the benefits of tax-free saving and how it can help them reach their financial goals sooner," continued Aceto.
ING DIRECT Tax-Free Investment Savings Account
The ING DIRECT Tax-Free Investment Savings Account pays a base rate of three per cent, calculated daily and paid monthly, and an additional bonus interest equal to the interest earned will be credited on December 31, 2008, for deposits of up to $5,000 in the account during the pre-launch period. Money invested in the Tax-Free Investment Savings Account will be deposited into a TFSA on January 1, 2009 where interest earned will be tax-free. There are no fees or minimums associated with the Tax-Free Investment Savings Account and individuals are eligible to open only one such account during the pre-launch period.
For more information about the ING DIRECT Tax-Free Investment Savings Account, visit ingdirect.ca.
