Canada NewsWire
TORONTO, Dec. 18, 2019
TORONTO, Dec. 18, 2019 /CNW/ - According to the annual BMO Tax-Free Savings Account (TFSA) study, Canadians' are once again increasingly turning and contributing to their TFSA, with two-thirds (66 per cent) of Canadians holding an account. Regional data suggests that, although economic conditions are challenging across parts of the country, Canadians are finding ways to save and invest money.
According to BMO Economics, generally strong job growth combined with rising wages in 2019 have created a supportive environment for Canadians to do more with their finances.
The annual report, conducted by Pollara, also revealed:
"It's encouraging to see consistent growth year over year when it comes to Canadians usage and knowledge of TFSAs," said Nicole Ow, Head, Term Investments, BMO Bank of Montreal. "Although Canadians continue to voice not having enough to invest as the main reason for not maximizing their TFSAs, we are seeing positive changes in financial behavior when it comes to investing and saving across the country."
Investment Behavior
An increasing number of Canadians are investing more frequently. The report revealed:
"As Canadians become more knowledgeable about the power of saving and investing, they are choosing to grow their contributions and monitor their investments more frequently," said, Nicole Ow, Head, Term Investments, BMO Bank of Montreal. "Canadians looking to learn more about TFSAs, and how they fit into their overall investment plan, should speak to a financial planner, who can help bring clarity and deliver the advice they need to help them reach both short and long-term goals"
BMO offers Canadians the following tips to maximize the benefits of a TFSA:
For more information on BMO Tax-Free Savings Accounts, opening an account, or looking for help, please visit www.bmo.com/tfsa.
The BMO TFSA Survey was conducted by Pollara Strategic Insights via an online survey between November 26 and December 3, 2019, with an online sample of 1,500 adult Canadians. Data has been weighted using the latest census information to be representative in terms of age, gender and region. The margin of error for a probability sample size of 1,500 is ± 2.5% 19 times out of 20.
About BMO Financial Group
Serving customers for 200 years and counting, BMO is a highly diversified financial services provider - the 8th largest bank, by assets, in North America. With total assets of $852 billion as of October 31, 2019, and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.
SOURCE BMO Financial Group
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