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2008 Annual Meeting ● Assemblée annuelle 2008 Québec

Canadian Institute of Actuaries. L’Institut canadien des actuaires. 2008 Annual Meeting ● Assemblée annuelle 2008 Québec. 2008 Annual Meeting Assemblée annuelle 2008. Group Applications of Tax-Free Savings Accounts. Session IP-18 Joel Cornberg.

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2008 Annual Meeting ● Assemblée annuelle 2008 Québec

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

  2. 2008 Annual Meeting Assemblée annuelle 2008 Group Applications ofTax-Free Savings Accounts Session IP-18 Joel Cornberg

  3. 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. 2008 Annual Meeting Assemblée annuelle 2008 Disclaimer

  4. 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 2008 What is a TFSA?

  5. 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 2008 Investment restrictions

  6. 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 2008 US experience – Roth Source: Kiplinger

  7. 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 2008 TFSA potential for employers

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