Financial Planners Standards Council

Financial Planners Standards Council

February 29, 2008 08:00 ET

CFP professionals ready to offer insights on budget

Attention: Assignment Editor, Business/Financial Editor, City Editor, Lifestyle Editor TORONTO, ONTARIO, MEDIA ADVISORY--(Marketwire - Feb. 29, 2008) - CFP® professionals ready to offer insights on budget

With the announcement of the federal budget now behind us it's time to look at what some of the changes, particularly the Tax-Free Savings Account, mean for Canadians, especially from a financial planning perspective. CFP professionals have taken a good look. Here's a sample of what some of them think:
"Now financial planners and Canadians have another tool to put in their financial planning toolbox. The Tax Free Spending Account (TFSA) offers both long and short term options to help Canadians move closer to their financial goals. Use it to save for a car or as part of a house down-payment. Use it for long-term wealth accumulation or use it as an alternative to an RRSP for lower income earners." Scott Ellison, CFP, Halifax
"There's motivation for people to save $5,000 more per year than they might otherwise have done with the TFSA. It helps everybody. For example, there's been a trend to semi-retire at earlier ages so people are starting to scale back income earlier. This gives them the opportunity to still earn some money and not spend it all." Cynthia Kett, CFP, Toronto.
"Moving investments from a non-registered portfolio into the TFSA is the big win. The non-registered portfolio is going to generate income that will be taxed. By moving it into the tax-free account, you won't have to pay on that going forward." Christopher Hatherly, CFP, Vancouver.
"We'll discuss using the TFSA with clients to see if it makes sense for them from a long-term planning perspective, but it makes a lot of sense to redirect short-term investments into the TFSA. It's a more tax-effective way of saving for the long-term." Scott Plaskett, CFP, Toronto
Want some more perspectives on the budget, the TFSA, the change to the RESP program, or got another question about the budget? We'll help find the answer. We can put you in touch with CFP professionals across Canada. Hear professional views on what the budget means in terms of providing financial planning value to Canadians.
Financial Planners Standards Council (FPSC) is a not-for-profit organization established in 1995 to lead the development of the financial planning profession. FPSC develops and enforces the most rigorous standards in financial planning competency and ethics for individuals who hold CERTIFIED FINANCIAL PLANNER® certification in Canada. These individuals are licensed by FPSC to use the registered marks: CFP®, CERTIFIED FINANCIAL PLANNER® and CFP (with flame logo)® . There are currently more than 17,000 CFP professionals in Canada and almost 112,000 individuals who have earned CFP certification in 20 countries around the world.
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FOR MEDIA INTERVIEWS AND FURTHER INFORMATION, CONTACT: Rick Doust/FPSC at Tel: 416.593.8587 x 231 or email

Contact Information

  • Rick Doust, Communications Manager, Financial Planners Standards Council
    Primary Phone: 416-593-8587 ext. 231