TORONTO, Jan. 20 /CNW/ - Respected Financial Author Gordon Pape(*) will be
stopping by E(*)TRADE Canada's first ever Investor Information Centre to speak
about the new Tax-Free Savings Account (TFSA) to investors, on Wednesday,
Mr. Pape will be at the E(*)TRADE Canada Investor Information Centre
located at 48 Yonge St. (corner of Yonge and Wellington Streets) from noon
until 1 p.m. to discuss the features and benefits of the TFSA and how
investors can take advantage of this new investment tool. The session is open
to the public. Anyone wishing to attend can register at www.etrade.ca. Mr.
Pape will also be signing copies of his new book, Tax-Free Savings Accounts: A
guide to TFSAs and how they can make you rich.
"The new Tax-Free Savings Account offers Canadians new opportunities to
save money and have it grow tax sheltered, but as with any new product,
Canadians will have many questions on how to incorporate this account into
their overall financial portfolio to maximize its benefits," said Cathy
Welling, Managing Director and Head of Online Brokerage, Scotiabank(R). "We
have an exclusive arrangement with Gordon Pape to bring his years of expertise
to our clients and help them make the most of their new TFSA."
For a limited time, E(*)TRADE Canada is offering visitors to its Investor
Information Centre a Scotiabank special edition copy of Mr. Pape's book,
published by Penguin Group (Canada), on the TFSA . Visitors will receive a
copy of the book when they come into the Investor Information Centre and meet
with a relationship manager to have a discussion about their portfolio.
"We are encouraging our clients to take advantage of this new saving and
investing tool available to them and we want to give them this new book to
help them do just that," added Ms. Welling. "This book is an excellent
resource that can help our clients learn what they need to know about the
account in one place."
Gordon Pape is a respected financial writer who has authored or
co-authored over 40 books on a variety of investing and financial planning
topics to help Canadians become better off financially.
"TFSAs are the most powerful savings tool since the Diefenbaker
government brought in RRSPs over 50 years ago," said Mr. Pape. "Once you put
money into a TFSA, you'll never have to pay tax on it again, or on any of the
investment income you earn within the plan. You can withdraw as much as you
want, whenever you want, and you won't have to pay the government a penny.
Moreover, you can put it all back in again later if you want. It's a classic
As of January 2nd, 2009, Canadians are permitted to save $5,000 in a TFSA
each year. All investment income earned inside the TFSA (capital gains,
interest, dividends) is tax-free for life. Unused contribution room is carried
forward indefinitely and amounts withdrawn top up future contribution room.
The account can be opened at age 18 and kept for a lifetime. The TFSA will
offer the flexibility of a short-term savings vehicle with a longer-term
investment plan, all in one.
Clients of ScotiaMcleod Direct Investing(R), TradeFreedom(R) and E(*)TRADE
Canada are now able to open this new account through their online trading
platform. There are no annual account fees associated with this account. To
get more information on opening a new TFSA account through one of Scotiabank's
online investing platforms, please visit ScotiaMcleod Direct Investing at
www.scotiamcleoddirectinvesting.com; TradeFreedom at www.tradefreedom.com; or
E(*)TRADE Canada at www.etrade.ca.
To help our customers get information about this new savings tool,
Scotiabank has also launched an online interactive TFSA Customer Information
Centre located at www.scotiabank.com/taxfreesavings. The Centre provides
details on the features and benefits of the TFSA and offers tips on how the
TFSA can be used to meet customer needs. Customers can compare the TFSA to an
RRSP and use the TFSA calculator to estimate their potential tax savings.
Customers can also see how their tax savings can translate into more money
saved over time. Customers can also open a Scotiabank TFSA account online at
the TFSA Customer Information Centre.
In September of 2008, Scotiabank completed the acquisition of E(*)TRADE
Canada from its U.S.-based parent, E(*)TRADE Financial Corporation.
Scotiabank is one of North America's premier financial institutions and
Canada's most international bank. With more than 69,000 employees, Scotiabank
Group and its affiliates serve approximately 12.5 million customers in some 50
countries around the world. Scotiabank offers a diverse range of products and
services including personal, commercial, corporate and investment banking.
With $508 billion in assets (as at October 31, 2008), Scotiabank is listed on
the Toronto and New York Exchanges (BNS). For more information please visit
E(*)TRADE Canada is a service of E(*)TRADE Canada Securities Corporation,
member CIPF. ScotiaMcLeod Direct Investing and TradeFreedom are services of
Scotia Direct Investing, a division of Scotia Capital Inc., member CIPF.
E(*)TRADE Canada is a trademark of E(*)TRADE Financial Corporation and is used
(R) Registered trademark of The Bank of Nova Scotia. Used under license.
(*)Gordon Pape is a third party not affiliated with The Bank of Nova
Scotia or its affiliates. Neither The Bank of Nova Scotia nor any of its
affiliates accepts liability for the contents of Mr. Pape's publications
For further information:
For further information: Paula Cufre, Scotiabank Public Affairs, (416)