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1 Your group tax-free savings account

2 What s a TFSA? It s a flexible investment savings plan that allows you to earn tax-free investment income. A tax-free savings account (TFSA) is a new type of savings plan similar to your registered retirement savings plan (RRSP) or registered pension plan (RPP).

3 The benefits are clear When you invest in your group TFSA through Great-West Life, you can: Save more with no tax on investment income or capital gains Access your savings when you want with tax-free withdrawals Use your savings for any purpose Save easily with convenient payroll deductions Use your group TFSA to save for: Keep unused contribution room for the future While it s not designed to replace your daily savings account, your group TFSA through Great-West offers the opportunity to save for those big-ticket items that take one to five years of saving such as a house down payment, continuing education or your dream vacation. You can also use this plan to supplement your retirement savings or to pay for healthcare premiums during your retirement without dipping into your RRSPs. - House down payment - New vehicle - Additional retirement savings - Continuing education - Vacation Using a TFSA Your TFSA is an excellent place to begin or continue to build your savings. Depending on your savings goals, consider some of the following tips: If your goal is to save for a longer period of time, primarily to supplement your retirement savings or for a goal that s more than five years into the future, complete the Investment personality questionnaire and consider following a similar investment strategy as your other registered investments. If you re getting close to retirement, you may want to consider using your TFSA to save for retirement healthcare coverage. With tax-free growth and withdrawals, you can save faster because the investments will grow tax-free and withdrawals for your premiums are tax-free. Planning on using your TFSA for a goal less than five years away? Consider focusing on more conservative investment options for capital preservation such as guaranteed investments or funds with low risk and low volatility characteristics. Contributions to your TFSA aren t tax deductible.

4 Save more with tax-free growth TFSAs compared to non-registered savings plans Since the TFSA is a new type of savings plan, there can be some confusion about its benefits when compared to other available savings plans. In the example below you ll see how contributing to a TFSA, compared to a non-registered savings plan, can help you save more of your money. A non-registered savings plan is a savings option that taxes the income you earn from your investments, either while you hold the investments or when you redeem them. Compare your tax savings Years invested Amount of capital invested Estimated non-registered account value after tax (including 7% growth) Estimated TFSA account value (including 7% growth) Estimated tax savings 5 $25,000 $28,192 $29,743 $1, $50,000 $63,882 $71,459 $7, $75,000 $109,065 $129,968 $20, $100,000 $166,266 $212,030 $45,764 Assumptions: $5,000 contribution per year Investment income is 40 per cent interest, 30 per cent eligible dividends and 30 per cent deferred growth Average annual return is seven per cent Top marginal tax rate In this example if you invest $5,000 each year for 20 years, you ll have $100,000 of your own money in your TFSA. At a seven per cent growth rate per year, the market value grows to $212,030. A non-registered investment is taxed each year based on interest and dividends reported on a T3 or T5 tax slip. In this example, if you choose to make a withdrawal at the end of the five-, 10-, 15- or 20-year periods, any capital gains are taxable. In this 20-year example where contributions plus growth equal $212,030, the total tax saved by using a TFSA equals $45,764, helping you reach your savings goal faster. If you re going to save or invest money in a nonregistered plan after Jan. 1, 2009, consider using your $5,000 TFSA contribution room first. You can transfer existing non-registered savings into a TFSA up to your limit. However, this redemption might trigger capital gains tax on the non-registered investments. Depending on your financial situation, it might be advantageous to pay the taxes on any potential gain now in order to allow the investments to grow tax-free in the TFSA going forward. Consult your financial security advisor about fees or any other redemption charges.

5 Put group purchasing power to work for you Your group TFSA is part of your overall group retirement and savings choices through Great-West. Group plans generally have lower investment management fees and expenses than individual plans because they re based on the combined purchasing power of the whole group. This can add up to significant savings for you as a plan member. A group TFSA through Great-West can make saving easier with convenient payroll deductions, one member statement, one client service centre and one member website. Enjoy knowledgeable and friendly service from the same reliable organization that you ve come to trust with your existing retirement savings Next steps Your plan sponsor has made it easy to start saving more with the group TFSA. To sign up simply follow these steps: Determine your savings goal and contribution amount Make your investment choice from the investment options available in your group TFSA plan Obtain, complete and return the group TFSA application form to your group plan administrator Whether you re looking to pay less tax on your existing non-registered investments, supplement your retirement income because you ve maximized all other tax-advantaged opportunities or you re hoping to go on that vacation of a lifetime, a group TFSA can help you reach your goals faster.

6 XX-COC-XXXX The Great-West Life Assurance Company and the key design are trademarks of The Great-West Life Assurance Company (Great-West), used under licence by London Life Insurance Company (London Life) and The Canada Life Assurance Company (Canada Life) for the promotion and marketing of insurance products. London Life and Canada Life are subsidiaries of Great-West. The group retirement, savings and payout annuity products and services described in this document are issued by London Life. This item is made with 50 per cent recycled paper and 25 per cent post-consumer fibre /08

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