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Half Have TFSA Account


Nearly half of Canadians (47 per cent) say they have a Tax-Free Savings Account, as the fifth year of the TFSA's availability approaches in 2013. However, a poll for CIBC also highlights a missed opportunity as only half of those with a TFSA have made a contribution so far this year and many Canadians with a TFSA say they have no plans for the money they have saved in the account. "It is encouraging to see that almost half of Canadians have taken advantage of the Tax Free Savings Account, which gives them an additional option to help them reach their financial goals," says Colette Delaney, executive vice-president, retail and business banking, at CIBC. "Given how versatile the TFSA is, there is an opportunity for more Canadians to either contribute to their existing TFSA or to consider how opening a TFSA could help them achieve their savings goals sooner." However, the poll also reveals that many Canadians have no plans for the funds they have invested in their TFSA with 41 per cent just wanting to avoid paying tax on interest earned or investment returns. Thirty-six per cent of Canadians plan to use funds in this account toward their retirement 

Courtesy of Benefits and Pensions Monitor website News Alerts

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