CIBC Mellon is offering Tax-Free Savings Account services to assist investment fund companies in providing TFSA options to their clients, and to permit public companies to offer TFSA selections as part of their employee share/unit purchase plans, the company announced Tuesday.

“TFSA is a great new personal savings vehicle that helps Canadians reduce taxes on their savings,” says Thomas MacMillan, president and CEO at CIBC Mellon.

“Our TFSA services will help investment fund companies and public companies offer new tax-free savings and investment solutions for their clients and employees,” he says.

The TFSA was introduced by the federal government in the 2008 budget. The registered account is available to all Canadian residents who are 18 years of age and older, and allows eligible contributors to save up to $5,000 in investments including cash deposits, GICs, mutual funds, stocks
and bonds.

CIBC Mellon is 50-50 jointly owned by CIBC
and The Bank of New York Mellon Corp.