TORONTO, ONTARIO — (Marketwired) — 07/03/13 — As part of BMO Financial Group-s ongoing commitment to financial literacy and -Making Money Make Sense-, BMO is releasing a financial tip every day in the summer to help Canadians make the -BMOst of summer- in 2013.
-BMOst of Summer- Financial Tip of the Day: Maximize your summer savings potential with a Tax-Free Savings Account (TFSA).
According to BMO Bank of Montreal-s annual TFSA Report, fewer than half (44 per cent) of Canadians are making the maximum annual contribution to their TFSA. However, the majority (57 per cent) plan to contribute the maximum allowable amount within the next five years.
“Kick-off your summer savings goals by contributing to your – or opening a new – TFSA and take advantage of tax-sheltered savings and the power of compounded interest,” said Janet Peddigrew, Vice President, BMO Bank of Montreal. “TFSAs are powerful investment tools that allow you to enjoy the benefit of tax-free growth, which can help you reach your investment goals faster.”
TFSA Basics
To learn more about BMO TFSAs, please visit .
BMO offers a number of products and services that can help Canadians get more out of every dollar they spend this summer. For more details on how to make the -BMOst of Summer,- drop by a BMO branch or visit .
About BMO Financial Group
Established in 1817 as Bank of Montreal, BMO Financial Group is a highly-diversified North American financial services organization. With total assets of $555 billion as at April 30, 2013, and more than 46,000 employees, BMO Financial Group provides a broad range of personal and commercial banking, wealth management and investment banking products and solutions.
Contacts:
Media Contacts:
Jessica Park, Toronto
(416) 867-3996
Valerie Doucet, Montreal
(514) 877-8224
Laurie Grant, Vancouver
(604) 665-7596
Internet:
Twitter: @BMOmedia