Canadian residents (does not include corporate clients, formal trusts, joint registrations & others) Investor must be/have:
The MRS TFSA annual account fee is $35. Discounts are available to reduce the annual fee amount.
| Profile |
TFSA Purpose / Advantage |
How to find these potential MRS clients among your existing customers! |
| Income Plan clients |
To receive up to $5000 yearly income paid out of a RIF, LIF or LRIF when the client does not require the money to meet normal living expenses |
- AdvisorAccess Account Inquiry – Advanced Search.
- Select “All Income Plans” on the drop down list of Account Types, and click on Search.
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| RSP clients who have maximized their contributions |
To shelter investments from tax |
- AdvisorAccess Account Inquiry – Advanced Search.
- Select “All RSP Plans” on the drop down list of Account Types, and click on Search.
- TIP – ensure you are displaying the Contributions for the first 60 Days & Contributions for the balance of the year on the search results page by customizing your display.
- Use CUSTOMIZE CLIENT LIST on the Client List screen to select or deselect values.
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| High net worth clients |
To shelter investments for tax |
- AdvisorAccess Account Inquiry – Advanced Search.
- Select a market value - from the BY HOLDING section of the advanced search screen; specify a dollar amount after you have selected "greater than or equal to" to display the appropriate list of clients
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| Clients with In Trust For investment accounts |
Use a TFSA instead of an investment account where income received and capital gains earned are subject to tax. |
- AdvisorAccess Account Inquiry – Advanced Search.
- Select “Investment” on the drop down list of Account Types, and click on Search.
- TIP – ensure you are displaying the account type on the search results page by customizing your display. Sort by account type will display the Investment ITF accounts together.
- Use CUSTOMIZE CLIENT LIST on the Client List screen to select or deselect values.
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| Clients saving for their children’s education |
An alternative or supplementary account when you are saving for your child’s or grandchild’s education. |
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| Clients holding investments that typically pay regular, large dividends |
Clients will be paying taxes on dividends received into their investment accounts.
Move some or all of those investments (up to a maximum of $5000 per year) and all future dividends are tax exempt |
- AdvisorAccess Account Inquiry – Advanced Search.
- Select “Investment” on the drop down list of Account Types, and click on Search.
- Click on the “securities” box in the BY HOLDING section of advanced search screen. The resulting client list will contain all accounts with at least one security.
- OR if the IBM # is known, enter the number into the IBM# field in the BY HOLDING section of the advanced search screen. The resulting client list will contain all accounts with a position in the particular investment.
Note: available to IIROC advisors only. |
| Clients with equity investments |
Clients will be paying taxes on any capital gains when an equity investment is sold.
Move some or all of those investments (up to a maximum of $5000 per year) and all future capital gains are tax exempt. |
- AdvisorAccess Account Inquiry – Advanced Search.
- Select “Investment” on the drop down list of Account Types, and click on Search.
- Click on the “securities” box in the BY HOLDING section of advanced search screen. The resulting client list will contain all accounts with at least one security.
- OR if the IBM # is known, enter the number into the IBM# field in the BY HOLDING section of the advanced search screen. The resulting client list will contain all accounts with a position in the particular investment.
Note: available to IIROC advisors only. |
| Clients with income fluctuations. |
Contribute to an RSP in the high income years to defer taxes. Withdraw from the RSP in the low income years, thus paying less tax and contribute the funds to a TFSA. |
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| Clients with low to modest incomes. |
Withdrawals from TFSAs (unlike withdrawals from a RSP or RIF) do not impact federally income tested benefits such as Employment Insurance, Canadian Child tax benefit, Old Age Security, Guaranteed Income Supplement or the age credit & others |
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| Clients doing estate planning |
TFSA assets are transferable to a spouse without tax implications.
Earnings that accrue after the death of the account holder are taxable. |
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| Single income, two parent families |
Income earner can deposit up to $5000 annually to a spouse’s TFSA (not a spousal TFSA, but an account registered in the spouse’s name)
Attribution rules do not apply to any income earned on investments. |
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