Transcript: Let’s talk about – TFSAs

[Upbeat music playing.]

[CIBC Logo.]

[Let’s talk about: Tax-Free Savings Accounts (TFSA).]

[Carissa Lucreziano, Vice-President, Financial and Investment Advice.]

Your Tax-Free Savings Account, also known as a TFSA, is a great way to save and invest for all kinds of goals. 

But it's so much more than just a savings account. Here's why. 

[It's really tax free!]

Once you contribute your savings to a TFSA, you can invest them to grow tax free.

[A potted plant and a pen holder sit next to a computer monitor. A 5, 10 and 20 dollar bill drop into the monitor like a piggy bank. A line graph is displayed on the monitor.]

That means any income and gains from your investments are all yours. 

[Withdraw when you need to.]

One of the biggest differences between a TFSA and other registered savings plans, is that you can withdraw your money for any reason without taxes or penalties.

[5, 10 and 20 dollar bills are removed from a wallet and placed between the pages of a calendar.]

You can also re-contribute any withdrawn amounts the following year.

[Save for every ambition.]

Last but not least, you can have multiple TFSAs with different investments for different ambitions. Like a tropical vacation or a down payment on your dream home.

[An airplane in the sky. A house with a “sold” sign in the front.] 

But remember that your total TFSA contribution room applies across all of your plans.

[To open or contribute to a TFSA, visit cibc.com/TFSA. All registered plans have rules you must follow.] 

[CIBC Logo.]

[The CIBC logo is a trademark of CIBC.]