-   Scotiabank has the financial advisors and online tools to provide
        Canadians with information they needTORONTO, Nov. 6 /CNW/ - A study recently conducted for Scotiabank has
found that 61 per cent of Canadians are interested in learning more about the
new Tax Free Savings Account (TFSA) aimed at creating new opportunities for
adult Canadians to save and invest for their futures. Of respondents currently
without a TFSA account, 40 per cent said they are interested in opening an
account prior to January 2009.
    "It's encouraging that so many Canadians have already indicated that they
are interested in opening an account and getting more information to make the
right decisions," said Gillian Riley, Managing Director and Head of Retail
Deposits, Scotiabank. "We were very pleased to be the first Canadian financial
institution to offer the TFSA because we believe that it is a powerful means
to help Canadians reach their savings priorities.
    "Information is vital for Canadians to understand the benefits of the
TFSA and how they can incorporate it into their financial plan," added Ms.
Riley. "As part of our efforts to inform and educate Canadians we have trained
our advisors to be prepared to answer questions and provide solutions around
the account. We have also developed an online TFSA calculator that, by asking
a few simple questions, can determine how much money an individual can save
using the TFSA."
    In September, Scotiabank became the first major bank to launch a TFSA
account as well as the TFSA Customer Information Centre an online information
centre to give Canadians the advice, information and tools they need to make
an informed decision about how the account can work within their financial
portfolio.
    The TFSA Customer Information Centre, located at
www.scotiabank.com/taxfreesavings, 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.
    "The TFSA will give Canadians an opportunity to save money and have it
grow tax-sheltered like an RRSP with the flexibility of a savings account,"
said Ms. Riley. "This account will be a great tool, not to replace other
traditional investments but to enhance the earning power of their portfolio.
Our advisors are well-versed on the account and can identify the range of
benefits to customers at any life stage and for individual needs and goals.
    "No matter what stage of life they are in or what their financial goals
are Canadians 18 and over can benefit from the advantages the TFSA offers,"
concludes Ms. Riley.
    Starting January 2nd, 2009, Canadians will be able to save $5,000 in a
TFSA each year. All investment income earned inside the TFSA (capital gains,
interest, dividends) are 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.
    The Harris/Decima data was gathered between October 9 and October 12,
2008, through Harris/Decima's weekly teleVox, the company's national omnibus
survey. Results are based on a sample of 1,218 Canadians and the corresponding
margin of error is +/-2.8%, 19 times out of 20.

    Scotiabank is one of North America's premier financial institutions and
Canada's most international bank. With more than 60,000 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 $462 billion in assets (as at July 31, 2008), Scotiabank trades on the
Toronto (BNS) and New York Exchanges (BNS). For more information please visit
www.scotiabank.com.