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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Bank of Montreal | TSX:BMO | Toronto | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.75 | 0.58% | 129.72 | 129.67 | 129.71 | 129.84 | 129.24 | 129.24 | 174,069 | 16:05:50 |
TORONTO, Dec. 15, 2020 /CNW/ - As Canadians navigate the uncertainty of the COVID-19 pandemic, they are also focused on saving for their future. According to BMO's annual TFSA survey, a majority of Canadians were able to contribute what they were expecting to their TFSAs in 2020 and many were able to increase their overall contributions. But while Canadians continue to favor TFSAs, many are not taking full advantage of them.
The annual report revealed:
"Despite such a challenging year, it's encouraging to see that Canadians are resilient when it comes to savings," said Nicole Ow, Head, Term Investments, BMO Bank of Montreal. "With a higher level of savings, investors are turning to options like TFSAs – a flexible investment and saving option. If anything, 2020 has highlighted the importance of maintaining a savings plan to build rainy day funds or invest for longer-term goals and a TFSA is the right vehicle for these various scenarios."
According to BMO Economics, it is estimated that excess savings reached $150 billion and disposable income was up 10.6 per cent above year-ago levels by the third quarter. With healthy savings and disposable income, it could support activity and economic recovery in the year ahead.
Leaving money on the table
Popularity aside, Canadians are not, on the whole, maximizing the benefits that they could reap from TFSAs:
"When investing, it's important to make sure that the money being invested is working for you," added Ms. Ow. "For investors with TFSAs – especially younger investors that have a longer time horizon for tax free growth – consider sitting down with an advisor or financial planner to create a tailored plan which could include investments like GICs, mutual funds or ETFs to help you meet your financial goals. TFSAs can be a great vehicle to grow savings for short or long-term goals, but it's important to have the money that is contributed working for the investor."
For more information on BMO Tax-Free Savings Accounts, opening an account, or looking for help, please visit www.bmo.com/tfsa. As well, visit bmo.com/myplan to learn more about working with a dedicated investment professional to put a plan into action and help make real financial progress.
The BMO TFSA Survey was conducted by Pollara Strategic Insights via an online survey of 1,500 adult Canadians conducted between November 17th and 23rd 2020. The margin of error for a probability sample of this size 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 $949 billion as of October 31, 2020, 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.
Internet: www.bmo.com Twitter: @BMOmedia
SOURCE BMO Financial Group
Copyright 2020 Canada NewsWire
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