TORONTO, Jan. 20 /CNW/ - Scotiabank today announced it has partnered with
well known financial expert and author, Gordon Pape, to help Canadians better
understand and maximize the new Tax Free Savings Account (TFSA). Under the
exclusive partnership, Scotiabank is creating an informational video for
clients and will make available copies of Mr. Pape's latest book Tax-Free
Savings Accounts: A Guide to TFSAs and How They Can Make You Rich.
    To kick-off the partnership, Scotiabank will be hosting an information
session with Mr. Pape on Wednesday, January 21st from noon until 1 p.m. at the
E(*)TRADE Canada Investor Information Centre located at 48 Yonge St. (corner of
Yonge and Wellington Streets) to discuss the features and benefits of the TFSA
and how investors can take advantage of this new investment tool. Mr. Pape
will also be signing copies of his book. The session is open to the public.
Anyone wishing to attend can register at www.etrade.ca.
    "We have seen that Canadians are excited about the TFSA and have been
very proactive in seeking more information. Canadians have had many questions
on how to incorporate this account into their overall financial portfolio to
maximize their benefits," said Barb Mason, Executive Vice-President, Wealth
Management, Scotiabank. "We have partnered exclusively with Gordon Pape to
bring his years of expertise and his research on this new account to our
clients to help them make the most of their new TFSA."
    As part of the partnership, Scotiabank will make available to customers
100,000 special edition copies of Mr. Pape's book. This guide to the TFSA
offers a detailed explanation of the powerful new savings instrument as well
as a range of options on how Canadians can add tax-free dollars to their
savings portfolio.
    "I believe the Tax-Free Savings Account is the most powerful investment
option since the introduction of RRSPs more than 50 years ago," said Mr. Pape.
"I believe every Canadian should have a TFSA and I am delighted to be working
with Scotiabank to help people understand how they can use these accounts to
their best advantage."
    The book, published by Penguin Group (Canada), and video will be
available through ScotiaMcLeod, ScotiaMcLeod Direct Investing, TradeFreedom,
E(*)TRADE, Scotia Private Client Group and at Scotiabank branches.
    In September 2008, Scotiabank became the first major bank to offer
pre-registration for the TFSA. At the same time, the bank 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.
    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.

    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.