As the financial services industry gears up to offer Tax-Free Savings Accounts (TFSAs) to all Canadians, new research shows that initial interest is not evenly spread across the country.

According to the fourth annual Fidelity Canada Retirement Survey, 44% of British Columbians who are aware of TFSAs, plan on opening this new account compared to 36% of Ontarians and 35% of Quebecers.

In contrast, only 30% of respondents from the Prairie Provinces and 24% Atlantic Canadians are likely to open a TFSA.

When these same Canadians were asked what types of investment or savings vehicles they planned on holding in their TFSA, 38% of Canadians indicated that they will hold equity-driven investments including mutual funds and individual stocks to help grow their savings. Guaranteed Income Certificates (GIC’s) were another popular choice (41%), while keeping cash in their TFSA (26%) and investing in bonds (15%) were less popular choices.

“Whether investors choose investments for their TFSA that aim to produce interest income, capital gains, or a combination of both, they can achieve their objectives with mutual funds,” said Darren Farkas, vp, product solutions, Fidelity Investments Canada, in a release. “Investors should work with their financial advisors to assess what type of TFSA investment will help them meet their individual financial goals.”

To assists investors with the decision between investing in a TFSA or RRSP, the new TFSA section on Fidelity’s Web site provides investors and financial advisors with a wealth of information including commentary from Fidelity’s experts, tax planning scenarios, webcasts and answers to frequently asked questions.

Advisors can also download easy-to-use application forms in both English and French.

“TFSAs represent one of the most important tax savings and investment vehicles available to Canadians and Fidelity is making it easy for investors and financial advisors to take advantage of these new accounts,” said Farkas.

The 2008 Retirement Survey was conducted by The Strategic Counsel. The survey was conducted on-line from Sept. 24 to Oct. 6, 2008 among a representative sample of 1000 adult Canadians 45 years and older.