2008 Annual Meeting ● Assemblée annuelle 2008 Québec 2008 Annual Meeting ● Assemblée annuelle 2008 Québec Canadian Institute of Actuaries Canadian Institute.

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2008 Annual Meeting ● Assemblée annuelle 2008 Québec 2008 Annual Meeting ● Assemblée annuelle 2008 Québec Canadian Institute of Actuaries Canadian Institute of Actuaries L’Institut canadien des actuaires L’Institut canadien des actuaires

Group Applications of Tax-Free Savings Accounts 2008 Annual Meeting Assemblée annuelle 2008 Session IP-18 Joel Cornberg

Disclaimer Mr. Cornberg wishes to note that views expressed herein do not necessarily reflect the views of Swiss Re. Also, information contained herein does not constitute, legal, tax, accountancy or other professional advice. Participants in the session are strongly encouraged to seek for themselves professional advice appropriate to their needs Annual Meeting Assemblée annuelle Annual Meeting Assemblée annuelle 2008

What is a TFSA? 2008 federal budget; effective in 2009 Mirror image of RRSP contributions are after tax no tax on account growth or withdrawals Annual limit $5 000, roll over if unused Withdrawals any age and purpose restore contribution room Will provinces participate? 2008 Annual Meeting Assemblée annuelle Annual Meeting Assemblée annuelle 2008

Investment restrictions Same eligible investments as RRSPs so life & health insurance is not eligible may threaten Universal Life side funds segregated funds are eligible 2008 Annual Meeting Assemblée annuelle Annual Meeting Assemblée annuelle 2008

US experience – Roth IRA (individual) and 401(k) (group) Like TFSA, but tighter withdrawal rules Used for home downpayments, university, emergencies Employers offer as alternative or complement to traditional retirement plans 2008 Annual Meeting Assemblée annuelle Annual Meeting Assemblée annuelle 2008 Source: Kiplinger

TFSA potential for employers Alternative to Group RRSP or DCPP DC post-retirement benefits benefits could be paid as a lump sum insurers could design health products risk that employees withdraw the cash Similarly, DC long-term care Seg funds are eligible investments; apparently includes GM*Bs GMWB can reduce payout risk 2008 Annual Meeting Assemblée annuelle Annual Meeting Assemblée annuelle 2008