Why wait until 2016 to start saving the money you need for the future! Since extending the annual contribution cap to $10,000 starting in 2015, you can save much more every year in your TFSA. But what happens when you reach your annual cap? Before, reaching that cap meant you were unable to contribute any more money to your TFSA or face a 1% penalty on any overages. Today, however, that is all about to change!
With the new 2016 TFSA Kick Start Account, you can save for your 2016 annual contribution right now! With double interest rates on all savings until December 31st and tax-free interest starting in January of 2016, there’s no better option for planning for your future. From saving for a future home to taking your sock drawer savings and making an investment, Tangerine TFSA Kick Start Account makes it simple to double your money. With a 1.05% interest rate on the money you save, you’ll never have to worry that you’re not covered.
How does the TFSA Kick Start Account work?
When you open your TFSA Kick Start Account, you’re not eligible for tax-free savings. Instead, you’re saving for your contribution in 2016. This doesn’t change your 2015 tax-free contribution at all! Once 2016 rolls into town, Tangerine will match the exact amount of interest your TFSA Kick Start Account has accumulated. Think of it as free money just for planning ahead! Any interest you earn over the $10,000 cap will automatically be set up in a Tangerine Savings Account to save you time, money, and hassle. You never have to worry that you’re losing your money again!
The money you save in 2015 will be deposited into your 2016 TFSA and registered with the Canada Revenue Agency. With rates that are some of the best on the market, Tangerine guarantees you always get the best bonuses on any savings and rates! Never worry that there will be penalties or fees for taking money out of your Kick Start Account. You’ll plan for the future, manage your money, and still have access to what you need!Tweet