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Tax-Free Savings Account (TFSA)


 

Product Name

Tax-Free Savings Account

Product Description

We offer passbook savings and term deposit.

Currency

CAD

Features

1.   All Canadian residents, age 18 and older, can contribute up to $5,500 annually (up to $5,000 from 2009 through 2012) to a TFSA account. This maximum contribution was adjusted by $500 due to inflation (all these will be subjected to changes in government regulations).;

2.   The contributor does not need to have earned income. As long as he/she is a Canadian resident with tax obligation and is age 18 and older before Dec 31st of the year, he/she will be able to contribute to TFSA;

3.   Even if the contributor has not yet opened a TFSA, as long as he/she is a Canadian resident with tax obligation, his/her TFSA contribution room would have started accumulating since 2009. If the contributor was not yet 18 years old by the year 2009, then the TFSA contribution would start accumulating as soon as the contributor becomes 18 years of age;

4.   A TFSA can only be opened by an individual, cannot be opened as a joint account.

5.   Regardless of gain or loss within a TFSA account, the current or following year’s contribution room will not be affected. The contributor may open different TFSA accounts at other financial institutions; however the TFSA contribution room will not increase because of this;

6.   The unused amount can be carried forward indefinitely. Withdrawals made in the current calendar year can be added to the unused contribution room;

7.   The total amount of deposits cannot exceed the allowed contribution room even if a certain amount of fund is withdrawn in the same year. If, at any time during a month, there is an excess TFSA amount, the contributor is liable to pay a 1% tax on the highest excess TFSA amount of that month. This tax will continue to apply for all subsequent months as long as the total amount of the deposit exceeds the contribution room.

Target Customers

An account holder must be a Canadian resident at least 18 years old (19 years of age in some provinces and territories) and have a valid Social Insurance Number (SIN).

Process

The customer completes the process at any branches of Bank of China (Canada) with related identity documents.

Required Identity Documents

1. Two pieces of ID required when opening an account, one must be a photo ID (e.g. passport, permanent residence card, citizenship card, or valid driver’s license issued by Canadian governments and etc.)

2. According the Canadian regulation, all Canadian residents must provide SIN for any interest bearing account for tax purpose.

Kind Reminder

The minimum deposit amount is CAD 1,000.00.

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