CIBC report brings TFSA benefits to life
Jamie Golombek provides expert advice on TFSA tax planning opportunities TORONTO, Dec. 8 /CNW/ - CIBC (CM: TSX;NYSE) today released a client report that identifies a number of key savings opportunities Canadians will have with the introduction of the new Tax-Free Savings Account (TFSA), as well as five unique uses investors may have for the TFSA. In the report, CIBC's Managing Director of Tax and Estate Planning, Jamie Golombek, outlines the tax-planning advantages the TFSA will provide to Canadians of virtually every investment profile. "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," explains Golombek. "For many Canadians, decisions need to be made now about which investments they will incorporate into their TFSA and how the account will fit into their overall financial plan." As well as an overview of the TFSA basics, Golombek's report provides an in-depth look at why the TFSA is being hailed as the most revolutionary savings option since the RRSP, and how to leverage it as part of a comprehensive savings plan. Golombek's report also addresses the following five key tax-planning situations in which the TFSA could prove to be an attractive opportunity for investors:1. Retirement Planning - TFSAs will benefit individuals who are looking to invest in their retirement but are unable to contribute to RRSPs for various reasons. 2. Education Planning (TFSAs or RESPs?) - While an RESP is the traditional educational savings vehicle, a TFSA offers parents another unique tax-efficient opportunity for this type of investment. 3. Income Splitting with Spouses and Kids (over 18) - TFSAs provide an exception to normal attribution rules, offering a significant opportunity to high income spouses and partners. 4. Estate Planning - Individuals can name surviving spouses and partners as "successor account holders", ensuring the tax-free status of a TFSA will continue after death. 5. Emigration (Non-resident) Planning - Those emigrating from Canada can still hold a TFSA and continue to benefit from some of its tax exemptions as non-residents."As each Canadian's situation is unique it's important to get the right advice and take the approach most beneficial to each investor," Golombek says. "CIBC advisors have already started to meet with clients to review their financial plans and goals and are helping them maximize on this exciting new investment opportunity." More information on the Tax Free Savings Account and the full version of the report is available at http://www.cibc.com/ca/investing/tfsa.html 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.
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