MEDIA ADVISORY - TFSAS EXPLAINED: CUTTING THROUGH THE NOISE

TORONTO, Feb. 1 /CNW/ -

WHAT?  SOME OF THE FACTS…

…About TFSAs and the Canadian public 

  • 77 per cent have heard about them - less than half of this group has actually opened one
  • Two-in-ten TFSA holders have withdrawn money from TFSAs - most often to cover an emergency
  • Younger Canadians (aged 18-34) are primarily using TFSAs for emergency or everyday savings

…About TFSAs and Canadian boomers

  • 97 per cent have heard of them - almost two-thirds of this group have actually opened one
  • One-in-ten have withdrawn money from TFSAs - most often for a large or special purchase
  • Boomers are primarily using TFSAs to shelter their savings from taxes

…About TFSAs and business owners nearing retirement

  • 97 per cent of business owners who are planning to retire within five years have heard of them - 58 per cent of this group have actually opened a TFSA
  • Of this 58 per cent, over half are using their TFSAs to save for retirement
  • Of this 58 per cent, seven per cent have already withdrawn money from their TFSAs - primarily for a large or special purchase, to cover day-to-day expenses or to renovate their homes

WHO…
…Can help explain TFSAs?

  • Lee Anne Davies, head, Retirement Strategies, RBC Royal Bank
  • Mike Michell, national director, Small Business, RBC Royal Bank

Note: Both are available to media for joint or individual interviews.

WHEN…
…CAN THEY EXPLAIN TFSAs?
Tuesday, February 1, 2011 - other availability as requested.

HOW…
…CAN YOU CONTACT THEM? PLEASE SEE BELOW.

SOURCE RBC

For further information:

Kathy Bevan, RBC, kathy.bevan@rbc.com , 416 974-2727
Margie McNeil, RBC, margie.mcneil@rbc.com, 416 388-3697


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