Orange Key $25 bonus Code
ING Direct now offers the highest interest Tax Free Saving Account (TFSA) in Canada at 3.0%. Not only is it free, they are offering a $25 bonus directly into your account when you use an “orange key” code – Note that the bonus requires a minimum deposit of $100 with the initial registration cheque.
Regular reader, Rajesh, gave me the heads up that ING Direct has taken the initiative to have the first Tax Free Savings Accounts (TFSA) available in Canada. Yes I know, TFSA’s aren’t supposed to be available until Jan 1, 2009, however, ING has taken a creative approach to allow you to open one now.
How? They will double the interest on the TFSA from now until the new year and automatically register your account with CRA on January 1, 2009. The double interest will pay for any tax owing from their regular interest rate earned until the account is converted to tax free status.
More from ING Direct:
While we can’t help you avoid taxes in 2008, we can pay you more than enough bonus interest to cover those taxes! Effective January 1, 2009, funds deposited in the promotional Tax-Free Investment Savings Account opened between October 4 and December 31 will be transferred to a new Tax-Free Savings Account so you won’t miss a minute of Tax-Free interest.
Open an ING DIRECT promotional tax-free Investment Savings Account today and on December 31st we will double your interest payment. This should be enough to cover any tax you’ll need to pay on interest earned and will help you get a head start for tax-free saving in January.
Seems like a smart move by ING Direct to take advantage of the TFSA hype and being the first to market. I’m waiting in anticipation for other institutions offer their TFSA’s, especially the discount brokerages.
How will you use the TFSA when it becomes readily available?-> If you would like to read more articles like this, you can sign up for my free newsletter service below (we will not spam you).