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It offers no-fee chequing and savings accounts, a VISA credit card, Guaranteed Investment Certificates (GICs), mortgages and mutual funds. These savings and investment products are also eligible for registration under a Tax-Free Savings Account (TFSA) or a Registered Retirement Savings Plan (RRSP). As of 2023, the bank has almost two million ...
A tax-free savings account (TFSA, French: Compte d'épargne libre d'impôt, CELI) is an account available in Canada that provides tax benefits for saving. Investment income, including capital gains and dividends , earned in a TFSA is not taxed in most cases, even when withdrawn.
As the bank expanded into online banking, it also grew to offer mortgages, RRSPs, TFSAs, GICs, mutual funds and no-fee chequing accounts. [9] In November 2013, ING Direct Canada claimed over 1.8 million customers, employed almost 1,000 people [ 10 ] and held close to $40 billion in total assets.
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Tax-advantaged retirement accounts where contributions may be tax-deductible, and growth is tax-deferred until withdrawal. Retirement plans such as a 401(k) and 403(b)
The market growth GICs or market stock-indexed GICs have their interest rates determined by the rate of growth of a specific stock market (such as the TSX or S&P 500).For example; if the TSX has a market growth increase of 30% in three years, beginning at the same point in time the GIC was issued, the GIC will return with an interest of 30%.
The Roth IRA also offers benefits in terms of available investments, unlike the 529, where investment choice is limited to funds that may not offer low-expense options.
A guaranteed investment contract (GIC) is a contract that guarantees repayment of principal and a fixed or floating interest rate for a predetermined period of time. Guaranteed investment contracts are typically issued by life insurance companies qualified for favorable tax status under the Internal Revenue Code (for example, 401(k) plans).