Canadians are still taking advantage of Canada's tax-free savings account (TFSA) despite the uncertainty caused by the recession, according to a survey by ING Direct.
About 34% of respondents to a survey conducted by Angus Reid Strategies said they had opened a TFSA since the federal government launched the newest edition to Canada's registered savings products in January 2009.
An additional 11% said they intent to open one by year's end and almost half (49%) of respondents said they expect to contribute to a TFSA in 2010.
"We've seen how much Canadians can save, even though difficult financial times," said Peter Aceto, president and CEO of ING Direct.
The survey found that 43% of those who opened a TFSA contributed between $4,000 and $5,000 to their account, the maximum contribution allowed per year.
ING Direct has been the most successful in attracting customers to open a TFSA account.
The survey found 18% of account owners have opened their account through ING Direct, followed by TD Canada Trust (11%), BMO Bank of Montreal (9%), RBC (8%), CIBC (3%) and Scotiabank (3%).