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VALUES WITHOUT FAITH OR NEW FORM OF TAX FREE SAVINGS

The presentation of the 2008-2009 budget has brought us good news, the creation of CELI (TASF in English) or Savings Account Tax Free.

This new investment vehicle or savings will be available from January 2009 and has the characteristics :

• can save up to $ 5 000 per year,



• contributions to this account are not tax deductible (unlike the RRSP or RRSP)



• the income generated as interest or capital gains are tax free,



• withdrawals are not impossible,



• like the REER (or RRSP) quotation rights are cumulative unused indefinitely



• like the REER (or RRSP), the taxpayer may contribute to your spouse CELI.

The CELI is to be a flexible tool that the REER, but prob-ably both ways depending on the characteristics or purposes of investment or saving. This is because unlike the REER, the person can withdraw money from your CELI as if it were a regular savings account. Thus, for the low-disciplined (economically speaking), this tool may not be the best alternative if your goal is saving for retirement.

Then the REER lose effect? Not really, since the RRSP will remain the best option in the long run by its rigidity, if the objective of the person is retirement and if the taxpayer needs to reduce its annual net income tax return.

So for CELI served? Well if you hit your maximum contribution limit in the REER and still have money you want to spend tax free, the CELI is your escape. Moreover, the money can use it anytime you want and what you want, for example, payment on a house, major repairs in your home, take a sabbatical, as the capital of starting a business, etc.

Learn more about the CELI (TASF).