TORONTO, Dec. 22 - IA Clarington Investments Inc.
("IA Clarington") today announced that Tax-Free Savings Account
(TFSA) applications are now being accepted. Early account set-up is
being offered to allow investors the opportunity to have their
accounts ready for contributions on the national launch date of
January 2, 2009.
"This important savings vehicle is being introduced at a
critical time," says David Scandiffio, President of IA Clarington,
"With the recent unprecedented market volatility, these accounts
should help encourage additional savings and maximize the after-tax
returns for Canadian investors."
Starting in January 2009, Canadians 18 and older (based on the
Provincial age of majority) can contribute up to $5,000 per year
into a TFSA. A TFSA allows investors to put their savings into
eligible investments without paying tax on any investment income or
growth they earn. Through a TFSA, investors have the additional
flexibility to withdraw savings at any time and for any purpose,
allowing them to put money aside for important purchases throughout
their lifetime: renovations, family vacations, schooling etc.
About IA Clarington
IA Clarington Investments Inc., a subsidiary of Industrial
Alliance Insurance and Financial Services Inc., markets a wide
range of investment products, including mutual funds, segregated
funds, principal protected notes and closed end funds managed by
leading portfolio managers. IA Clarington and its subsidiaries
managed approximately $5.9 billion in assets as at November 30,
2008. IA Clarington's website address is www.iaclarington.com.
Commissions, trailing commissions, management fees and expenses
all may be associated with mutual fund investments. Please read the
prospectus before investing. Mutual Funds are not guaranteed, their
values change frequently and past performance may not be repeated.
The IA Clarington Funds and IA Clarington Target Click Funds are
managed by IA Clarington Investments Inc. IA Clarington is a
trademark of IA Clarington Investments Inc. and the IA Clarington
logo is a trademark of Industrial Alliance Insurance and Financial
Services Inc.