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Save Time & Money. Free, Fast & Easy To Apply. TFSA Quick Quote Are you concerned about… -the stability of your Pension Plan -outliving your retirement savings -inflation risk -market down turns during early stage of retirement -liquidity needs -legacy and estate planning needs Then consider, asset and product allocations, the art of creating a mix of various assets and product allocations to address the issue that no one asset or product can solve all of your problems. As traditional strategies alone and one investment assest or product is not enough to diversify your risk to profit from your investment choices, ask us about our recommended Guaranteed Seg Fund based Insurance Products such as an Annuity, Systematic Withdrawals, Manulife’s Income Plus or Transamerica’s Five For Life Guaranteed Minimum Withdrawal Plans. What is a TFSA? TFSA: Tax-Free Savings Account. It is similar to a regular banking account it will however allow you to save or invest money without paying tax on the income it earns. You will be able to withdraw funds at any time, without being subject to income tax. The amount withdrawn from a Tax Free Savings Account can be put back at a later date, without reducing your contribution room. Unlike an RRSP, any money you contribute to a Tax Free Savings Account will not be tax-deductible. Tax-Free Savings Account, TFSA Factoids: Annual Contribution Limit $5,000 Tax Deductible Contributions? No Tax Free Growth? Yes Taxable Withdrawals? No Carry forward of unused contribution room? Yes Re-contribution of withdrawals? Yes Minimum age? 18 Maximum age? None Age for mandatory withdrawals? None Tell Us About Yourself:

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HOW MUCH MONEY DO YOU HAVE TO INVEST OR ARE SEEKING TO TRANSFER INTO A NEW INVESTMENT OPPORTUNITY?
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FINANCIAL OBJECTIVES AND TIME HORIZON 1. Which of the following statements best describes your objective for the money you are investing? a) Preservation of Capital b) Growth through a balance of capital gains and income c) Growth through capital gains and some income d) Growth primarily through capital gains
2. How long do you plan to have that money invested? a) Under 2 Years b) 2 - 5 Years c) 6 - 10 Years d) 11 - 15 Years e) Over 15 Years
3. What is the chance that you may wish to cash in a significant portion of this investment earlier than anticipated? a) Low (Less than 10%) b) Medium (Between 10% - 25%) c) High (Over 25%)
INVESTMENT EXPERIENCE AND KNOWLEDGE 4. Which of the following best describes your level of investment knowledge? a) Novice b) Some familiarity c) Reasonably knowledgeable d) Quite knowledgeable e) Very knowledgeable
ATTITUDE TOWARDS RISK 5. Typically, investments which are more volatile (i.e., tend to go up and down in value) will, over the long term, have greater potential for return. With regards to this statement, how much of a drop in value over one year could you tolerate before becoming uncomfortable? a) Less than 10% b) 1% to 3% c) 3% to 5% d) 6% to 10% e) More than 10%
6. Investments that offer the highest potential of returns typically have the greatest variability of returns. Given this statement, assuming you had a $10,000 investment, please select one of the following gain.loss scenarios that you would be most comfortable with after a five-year investment time period. The gain/loss scenarios below show range of the potential value of the $10,000 investment at the end of the five-year period. a) Highest $13,500 Lowest $10,400 b) Highest $17,100 Lowest $9,700 c) Highest $19,700 Lowest $8,800 d) Highest $21,800 Lowest $7,900 e) Highest $26,600 Lowest $6,700
PERSONAL INFORMATION 7. Which of the following best describes your employment circumstances? a) Full-time b) Self-employed c) Part-time d) Retired e) Other
8. Your personal income, before taxes, is in which of the following ranges: a) Under $25,000 b) $25,000 - $50,000 c) $50,001 - $80,000 d) $80,001 - $125,000 e) Over $125,000
9. The current value of your investments (i.e., registered, non-registered, mutual funds, segregated funds, checking and saving accounts) excluding real estate is: a) $25,000 or less b) $25,001 - $50,000 c) $50,001 - $100,000 d) $100,001 - $250,000 e) Over $250,000
10. Your current age is within which of the following categories: a) Under 30 b) 30 - 39 c) 40 - 54 d) 55 - 69 e) Over 69
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To “TFSA or to RRSP”, that is the question…

GIANCARLO ALFONSO, Marketing Director, Eastern Region, HUB Financial

info@justincaseinsurance.com

With the advent of the new TFSA, one of the questions financial planners will need to address is which plan best meets their clients’ needs. While there are some obvious as well as subtle similarities and differences between the two, each of these accounts holds an after-tax advantage in returns over a non-registered account.

TFSAs and RRSPs are directly comparable in that:

• They do not impose a tax on annual investment income

• There are penalties of 1% per month for over-contributions

• Both require holders to include eligible investments

TFSAs and RRSPs are different in that:

• TFSA holders have to be at least 18 years of age, whereas there is no minimum age requirement for an RRSP.

• The TFSA allows the ability to carry forward contribution room indefinitely following a withdrawal, something which is unfortunately not replicated with RRSP’s (less a few exceptions).

• There is no upper age limit for the TFSA. TFSA’s can last the holder’s ifetime, whereas an RRSP matures when the holder reaches age 71. In order to illustrate the difference between the TFSA, and the RRSP, I have included a study comparing the two. The example used a $1,000 one-time contribution, held for 20 years by an individual with a 40% marginal tax rate. The assumed return, implying a very conservatively managed portfolio was 5.5% compounded annually.

TFSA-RRSP

Pre-tax Income: $1,000-$1,000

Tax (40% rate): $400-$0

Net Contribution: $600-$1,000

Investment Income (20 yrs at 5.5%)

$1,151-$1,918

Gross Proceeds (net contribution + investment income): $1,751-$2,918

Tax (40% rate): $0-$1,167

Net proceeds: $1,751-$1,751

Net annual after-tax rate of return (%): 5.5- 5.5

Source: Finance Department

By the end of year 20, the value of the net contribution plus investment income has reached $1,751 for the TFSA and $2,918 for the RRSP. The great equalizer between the TFSA and the RRSP account occurs at the time of withdrawal. The value of the TFSA remains at $1,751 since no taxes are payable upon withdrawal. Contrary, the $2,918 in the RRSP is taxable at the highest marginal tax rate, which in this case means a tax liability of $1,167. This leaves the RRSP holder with after tax proceeds of $1,751, in line with that of the TFSA. A major determining factor for the RRSP is the tax rate at the time of withdrawal and how it compares to the tax rate at the time of contribution.

Here are three possible scenarios and how each may affect your choice of account:

• If the two rates are identical, as in the example above, the TFSA and the RRSP are equally effective tax-saving alternatives

• If the tax rate at the time of withdrawal is lower than at the time of contribution, the RRSP is the better choice.

• If the tax rate at the time of withdrawal is higher than at the time of contribution, the advantage clearly goes to the TFSA.

While making a choice between the two may sometimes seem complicated, it really isn’t. The important thing to remember is that the TFSA is simply another weapon in your clients’ investment arsenal. Depending on their circumstance, it can be used alone or in concert with other investment vehicles to help them save taxes.

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