Clients can get the advice they need today on savings they intend to
    contribute to their CIBC TFSATORONTO, Nov. 5 /CNW/ - CIBC announced today that it is now offering
clients the opportunity to open a new CIBC TFSA Tax Advantage Savings Account
and set-up their first contribution for January 2, 2009 (January 5 in Quebec).
    "There's no better time than the present for clients to start thinking
about how to incorporate a TFSA into their overall financial plan," said
Colette Delaney, Senior Vice-President, CIBC Retail Markets. "CIBC's
pre-registration TFSA offer gives clients the opportunity to talk with an
advisor and plan for their contribution today."
    As the most revolutionary savings option since the RRSP, the TFSA
provides Canadian investors with increased choice in meeting their financial
goals. But with increased choice comes the increased need for solid advice and
planning, making now the perfect time to meet with a financial advisor to
start the discussion.
    The TFSA is a registered savings account that allows investors to set
money aside in eligible investment vehicles without paying tax on the income
and gains earned within the account on contributions up to $5,000 per year.
Unused contribution room can be carried forward from year to year.
    While almost all clients 18 and over can benefit from the TFSA, it will
be of particular interest to investors who are looking to save for major
purchases such as a car or a mortgage down-payment in the near future. "One of
the main advantages of the account is liquidity, as depending on the
investments chosen clients can withdraw funds tax-free from a TFSA at any time
should the need arise," says Delaney.
    "Clients who have maximized their RRSP contributions may also benefit
from the opportunity to shelter additional funds from tax on investment
gains," Delaney adds. "Others may have large investments in non-registered
accounts and might want to consider building a plan to move their $5,000
maximum to their TFSA every year in January."
    Some clients may find that while the TFSA is an attractive opportunity,
they should allocate their funds to other financial priorities to best meet
their goals (i.e. paying down debt, investing in an RRSP or RESP).
    "Each client's situation is unique and so is the advice that we provide
to them," Delaney says. "Our advisors have already started to meet with
clients to review their financial plans and goals and are helping them
maximize on this exciting new opportunity."
    For more information, visit www.cibc.com/ca/features/tfsa.html or your
local CIBC branch.

    CIBC is a leading North American financial institution with nearly
11 million personal banking and business clients. CIBC offers a full range of
products and services through its comprehensive electronic banking network,
branches and offices across Canada, in the United States and around the world.
You can find other news releases and information about CIBC in our Press
Centre on our corporate website at www.cibc.com.TFSA BackgrounderWhat is the TFSA?:

    The TFSA is a registered savings plan that allows taxpayers to earn
investment income tax-free inside the plan. Contributions to the plan are not
tax-deductible and withdrawals of contributions and earnings from the plan are
not taxable.

    What investments are eligible?:

    Clients can hold a variety of investments inside a TFSA, including mutual
funds, publicly traded securities, GICs, savings accounts, bonds and certain
shares of small business corporations. Consult your financial advisor to
confirm if a particular investment type or item qualifies for a TFSA.

    Who can use a TFSA?:

    Any individual (other than a trust) who is a Canadian resident 18 years
of age or older is eligible to open a TFSA.What are the major benefits?:

    -   Investment income earned within a TFSA is not subject to tax while
        withdrawals are permitted at any time and are not included in income.
    -   Amounts withdrawn from the plan can be put back into the TFSA in the
        following year without a reduction to contribution room.
    -   Also, capital gains and other investment income earned in a TFSA are
        not subject to tax.