TORONTO, ONTARIO — (Marketwire) — 11/01/12 — To mark Financial Literacy Month, BMO Bank of Montreal is releasing a series of financial tips throughout November. As part of -Making Money Make Sense- and BMO SmartSteps, the tips are designed to help individuals and families save and manage their day-to-day finances more effectively.
BMO-s Tip of the Day: Investing in a Tax Free Savings Account (TFSA) can save thousands of dollars in taxes over the long term.
A TFSA offers the flexibility of tax-free withdrawals and no restrictions on how the funds are used.
Here is an example of the benefits of tax-free growth in a TFSA:
“When saving for the short or long term, it-s important that Canadians take advantage of tax-friendly options wherever possible,” said David Heatherly, Vice President, BMO Bank of Montreal. “TFSAs are powerful investment tools that allow Canadians to enjoy the benefit of tax-free growth, which can help them reach their investment goals faster.”
Try the to learn how TFSAs can help grow your savings faster.
For more information on TFSAs, please visit .
For more on financial literacy, Canadians can visit the Government of Canada-s website, as well as BMO-s online resource.
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 $542 billion as at July 31, 2012, and more than 46,000 employees, BMO Financial Group provides a broad range of retail banking, wealth management and investment banking products and solutions.
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Jessica Park, Toronto
(416) 867-3996
Valerie Doucet, Montreal
(514) 877-8224
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(604) 665-7596
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