Scotiabank Gives Away $5,000-a-Day in Support of the New Tax Free Savings Account



    TORONTO, Jan. 19 /CNW/ - Scotiabank has announced the launch of the
$5,000-a-Day Give-away contest to support the new Tax Free Savings Account
(TFSA), which came into effect on January 1, 2009.
    "The $5,000-a-Day TFSA Give-away is an exciting contest that will help
introduce Canadians to a new product designed to help them save and invest
after-tax dollars in a tax-effective way," said Barb Mason, Executive
Vice-President, Wealth Management, Scotiabank. "TFSAs are a great complement
for investors who already contribute to RRSPs to support their retirement and
life goals."
    Canadians can enter the contest online at www.scotiabank.com/5000aday -
or by mail - and become eligible to win one of 35 random draws for prizes of
$5,000 to be awarded every weekday from January 19, 2009 to March 6, 2009. The
$5,000 prizes will be awarded through direct investments into winners'
accounts, or in cash.
    "All contest entrants are also invited to drop by their local bank
branches for a Second Opinion from a Scotiabank advisor," said Gillian Riley,
Managing Director and Head of Retail Deposits, Scotiabank. "Customers are
encouraged to explore their options and make the most of what they have."
    Since January 1, 2009, Canadians have been able 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forward indefinitely and amounts withdrawn top up future contribution room.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 be 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.
    To help our customers get information about this new savings plan,
Scotiabank has also launched an online interactive TFSA Customer Information
Centre located at www.scotiabank.com/taxfree. The Centre provides details on
the features and benefits of the TFSA and offers advice on how the TFSA can be
used to meet specific customer needs. Customers can compare the TFSA to an
RRSP and use the TFSA calculator to estimate their tax savings. Customers can
also see how their tax savings can translate into more money saved over time.
Customers can also open an account online at the TFSA Customer Information
Centre.

    Scotiabank is one of North America's premier financial institutions and
Canada's most international bank. With 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 trades on the Toronto
(BNS) and New York Exchanges (BNS). For more information please visit
www.scotiabank.com.




For further information:

For further information: Paula Cufre, Scotiabank Public Affairs, (416)
933-1093, paula_cufre@scotiacapital.com


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