Over half of Canadians don’t have a tax-free savings account (TFSA), according to a recent online poll from Angus Reid Public Opinion commissioned by ING Direct.
TFSAs allow Canadians to put away $5,000 a year without taxation and they came into effect in 2009. More than half (52%) of those who haven’t opened an account in the past year don’t plan on doing so in the next year either. Even more surprising is that 14% of those surveyed are not aware of the TFSA or its benefits.
“The ability to save tax-free is one of the most significant vehicles Canadians have been given to build their investment portfolios,” says Peter Aceto, president and CEO of ING DIRECT. “Canadians owe it to themselves to find a way to incorporate TFSA’s into their investing.”