Toronto, Canada – May 5, 2008: Portfolio+ Inc. is pleased to announce that it will be supporting Tax Free Savings Accounts within the Portfolio Plus Investment Module. This Tax Free Savings Account (TFSA) software will be available to all Canadian financial institutions who currently have Portfolio Plus banking software installed.
Introduced with the 2008 budget, the tax free savings account is a new type of registered account. Starting in 2009 Canadian residents 18 years or older can contribute up to $5,000 annually to their TFSA.
“The ability to plug-in new functionality to Portfolio Plus banking software, as needed, has been one of the keys to our success,” said G. Robert Leeming, President of Portfolio+ Inc. “The TFSA capability is no different. We will be adding a new plan type to the existing portfolio of plan types within our investment module.”
Portfolio+ Inc. advises that business partners wishing to adopt the Tax Free Savings Account be ready for last minute changes by the federal government. The company expects that there will be changes up until the very last minute of 2008 and that the tax submission XML file formats and layout will not be complete until late 2009 or early 2010. Portfolio+ Inc. also recommends that business partners communicate their plans as early as possible so the Portfolio+ team can schedule any installation, implementation, and training resources required. Those business partners who plan early will stand the best chance at having a successful launch.
The majority of Canadian analysts and economists have reacted positively to the legislation and believe that Canadians, young and old, will make use of this offering.
A quick recap of the features and restrictions of a TFSA include:
Portfolio+ Inc. connects financial institutions with customers and partners using innovative technologies. Its software solutions and open banking technology are used by financial institutions in Canada, Ireland, and the UK. With its powerful +Open Banking Platform and fully documented APIs, Portfolio+ has the power to connect banks, credit unions, and financial institutions with an evolving ecosystem of financial services technology that is putting everyday customers in control of their financial data.
Located in the Greater Toronto Area (GTA), Portfolio+ is used by 6 of the 7 largest financial institutions in Canada and is a part of Volaris Group Inc.