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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

    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

For further information:
For further information: Doug Maybee, Director, External Communications
and Media Relations, CIBC, Tel: (416) 980-7458,