Here are some of the best TFSA interest rates, as of April 2014.
TFSA contribution room for 2014 is $5,500. The maximum amount that can be invested in a TFSA is now $31,000 (assuming that you have never contributed to a TFSA before).
For a limited time ING Direct Canada offers a $75 Bonus for new clients who open a TFSA account and 2.5% interest until June 30, 2014 for new money deposited into your TFSA account.
Here are the steps to get the $75 Bonus and 2.5% interest rate:
- Enroll for ING Tax-Free Investment Savings Account using the Orange Key 41451118S1 (go to http://www.tangerine.ca/en/saving/savings-accounts/tax-free-savings-account/index.html to enroll)
- Make an initial deposit of $250. The bonus money will be deposited into your account.
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.
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- Mail the security deposit cheque as instructed during the application process.
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