Today, the race has begun in Canada to get you to sign up for a tax free savings account. Since TFSAs don't actually come into effect until Jan 1, 2009, ING Direct has decided to simulate it from now until the end of the year by paying you double the interest. As of Jan 1, 2009 they will automatically register a TFSA with the government for you (based on the early simulation account), and transfer up to $5000 from this early simulation into it.
I urge any of you with any money just sitting in a savings account somewhere, and you probably do since the equity markets are in turmoil, to consider opening your TFSA now. If you do it today, and fund it to the full $5000, expect a nice bonus interest payment on Dec. 31 of this year of about $35. Earning 6% on your money (as of today's rates) is pretty darn good and beats any GICs out there. I don't want to sound like a complete fan boy for ING Direct, I'm sure that there are similar offers at other progressive financial institutions too. Feel free to share by leaving a comment.
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