Budget 2008: Retirees benefit from tax-free savings account

26 February 2008

Advisor.ca, Bryan Borzykowski

It may not have been a spending budget, but there was much for savers, particularly seniors.

Cynthia Kett, a CFP at Stewart & Kett Financial Advisors, applauds the introduction of the new tax-free savings account. “It helps everybody,” she says. “I think they were smart to do that for the dollar value that’s involved.”

In particular, the new account helps wealthier retirees who are withdrawing money from their RRSPs. “They can reinvest into this registered tax-free savings account and continue to tax shelter that investment income.”

(Full article no longer available online)

About Stewart & Kett

Stewart & Kett Financial Advisors Inc.
911- 123 Front Street West,
Toronto, Ontario,
M5J 2M2, Canada
(Adjacent to Union Station)
Phone: (416) 362-6322
Fax: (416) 362-6302