Mackenzie Investments and Investors Group are among the first mutual fund companies to make available applications for Tax-Free Savings Accounts (TFSAs).

Starting today, Canadian investors 18 years of age and older can complete their Mackenzie or Investors Group TFSA applications with contributions accepted beginning Jan. 2, 2009.

“Now we can all say ‘yes’ to saving and ‘no’ to tax,” says Wilmot George, specialist, tax and estate planning with Mackenzie Investments. “The government has built a great investing tool with the Tax-Free Savings Account, but with a product this versatile, advice is key. A financial advisor can help you figure out how it fits into your overall financial plan.”

A variety of investments will be eligible for investment in a TFSA at Mackenzie including: equity mutual funds; fixed income funds; asset allocation funds; target date funds; segregated funds; money market funds, and deposits.

At Investors Group, eligible TFSA investments include: mutual funds; money market funds; GICs and term certain annuities; and Investors Group iProfile portfolios.

Investors Group will offer TFSAs on both an individual and group basis.

The TSFA will allow individuals to deposit up to $5,000 every year. Savings can grow, and be withdrawn at anytime, without incurring any tax. The funds can be used for any purpose, from short-term saving opportunities such as buying a new car, to home renovations, to longer-term retirement needs.