Here are some of the best TFSA interest rates, as of December 2013.
TFSA contribution room for 2013 has increased to $5,500. The maximum amount that can be invested in a TFSA is now $25,500 (assuming that you have never contributed to a TFSA before).
For a limited time ING Direct Canada offers a $50 Bonus for new clients who open a TFSA account.
Here are the steps to get the $50 Bonus:
- Enroll for ING Tax-Free Investment Savings Account using the Orange Key 40471500S1 (go to http://www.ingdirect.ca/en/save-invest/tfsa/index.html to enroll)
- Make an initial deposit of $100. The bonus money will be deposited into your account.
No TFSA contribution room for 2013? Open a 2014 TFSA Kick Start Account with ING Direct Canada, use the Orange Key 40471500S1 and get $50 Bonus plus double interest until Dec 31, 2013! Click here to enroll.
To “clean up” your TFSA contribution room if you had many withdrawals or contributions during current year:
- - At the end of December 2013 withdraw (do not close the account!) all your TFSA deposits
- - in January 2014 you can contribute up to $31,000 without the stress of penalties.
Want to know how much you could be saving by investing in a TFSAs? Check out the Government of Canada’s TFSA calculator.