Wednesday, February 27, 2008

Tax Free Savings Account for Canadians

For those of you that are Canadian you know that yesterday the government of Canada introduced a Tax Free Savings Account!

Basically all Canadians over the age of 18 will be able to put aside up to $5000 in an account, the interest earned will be tax free, even when withdrawn. Whatever money is withdrawn creates contribution space for future savings. The contribution amount will also be indexed to inflation in $500. increments.

This is great news in light of the kind of analysis related to ROI, I was doing in my post Debt vs Savings.

The details can be found at the following link.

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