The Foundation Of Your Financial Security – RRSP's

Over recent years, it has become more and more apparent that Canadians may have to fund their retirement through personal savings. The most tax-efficient way to save for your retirement is through a Registered Retirement Savings Plan (RRSP).

An RRSP will allow you to benefit from:

•Tax deductible contributions (within your prescribed annual contribution limit).

•Tax-sheltered growth within the plan.

As a CIBC Wood Gundy Investment Advisor, I have the knowledge and experience to help you define your retirement needs and structure a plan enabling you to succeed in meeting your financial goals.

A CIBC Wood Gundy Self-Directed RRSP provides:

• Comprehensive investment options, including government guaranteed instruments, corporate bonds, Canadian equities, mutual funds, and foreign investments.

• Expert investment advice, leading edge technology and personalized service.

Effective Savings With A Tax-Free Savings Account

The Tax-Free Savings Account (TFSA) was introduced by the federal government in the 2008 budget and has been heralded as the most important new savings vehicle since the inception of the Registered Retirement Savings Plan (RRSP). Whether saving for a specific financial goal, complementing their existing retirement savings or putting money aside for emergencies, Canadians have embraced the TFSA as a key investment and savings account.

Contributions to a TFSA are not tax-deductible, but your investments will grow tax-free and you will not pay tax on income or capital gains earned within the account, even when you make a withdrawal. Other features of a TFSA include:

•$5,500 in annual contribution room

•No restrictions on withdrawals: You can withdraw funds from your TFSA at any time, for any reason

•Amounts withdrawn from your TFSA can be re-contributed in future years (with the exception of amounts withdrawn to correct an over-contribution)

•Unused contribution room can be carried forward indefinitely

In 2013, Canadian residents age 18 and over can contribute up to $5,500 to their TFSA, plus any unused contribution room and any amounts withdrawn in previous years (with the exception of amounts withdrawn to correct an over contribution). The annual contribution limit was increased from $5,000 to $5,500, effective January 1, 2013.

I believe a TFSA is a valuable addition to any investor's portfolio. The tax-free growth of income and capital gains earned within a TFSA may provide you with additional savings when compared to investments held in a non-registered account, and you will have the flexibility to withdraw your savings whenever you need it.

As a CIBC Wood Gundy Investment Advisor, I have the expertise to work with you to create a complete financial plan. I would be pleased to meet with you to review your financial objectives and discuss how a CIBC Wood Gundy RRSP or TFSA can bring you one step closer to achieving your goals.