Tel: 416-924-2396
Fax: 416-515-1586


BMO Nesbitt Burns
2 St. Clair Ave. West
19th Floor
Toronto, ON
M4V 1L5

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Tax Free Savings Accounts

In the 2008 Federal Budget, the Government of Canada announced the creation of a new Tax-Free Savings Account (TFSA). Beginning in 2009, individuals residing in Canada, who are 18 years of age and older, can contribute up to $5,000 per year to a TFSA where the holdings grow and earn income tax-free. However, individuals must be the age of majority in their province to open a TFSA with BMO Nesbitt Burns.