Tax-Free Savings Services (TFSA, RRSP)

Tax-Free Savings in a Nutshell

For many families, managing their wealth to preserve it for the future is like sailing in uncharted waters. You may be the captain of your own ship, but with Helm Asset Management Inc. as your first mate, financial planning, and tax-free savings services become manageable, and easily navigable. We will help you clear the fog and set a solid course to your goals. Unlike many financial services, Helm Investments doesn't sell products – we sell knowledge, guidance, and expertise. Our goal isn't to meet a quota of investment products – we take the opposite approach by matching individual investors with professional investment management tools tailored to each individuals needs and desires. With careful, one-on-one analysis in a partnership with our clients, we examine your invest-able income, your wealth management goals, and the timeline you need for results; and then chart a course.


What is the Difference Between Tax-Free Saving Account and RRSPs?

A Tax-free savings account can take one of two forms: Tax-Free Savings Account (TFSA) and Registered Retirement Savings Plan (RRSP). These two accounts work best as a team – the

TFSA meets both short and long-term savings needs, while the RRSP is still the best for retirement. As a "rainy day fund," the TFSA makes the most sense, while the RRSP works best when it sits around patiently waiting for your 65th birthday: eating, growing, and not going anywhere. It’s like burying treasure, but you don’t have to worry about keeping the map safe and it grows vs just sitting there waiting for you. Monies placed in the RRSP are tax deductible – thus reducing income tax you owe for that year; however, the taxes are merely deferred, and will be assessed when the money is withdrawn. While TFSA contributions remain part of your annual taxable income. Under the guidance of an investment professional, you can use the complementing features of both accounts to reduce your taxes due while maximizing the contribution level of both accounts.

To reach savings goals: new home; automobile; college assistance for children, the TFSA is the best choice and the income is not taxable. While it can be considered a flexible investment account, the more common use of a TFSA is to help clients reach savings goals and take advantage of the tax-free potential. There is no earned income requirement for a TFSA but there are contribution limits: in 2017, the limit is $5500. In order to open an RRSP, there must be a source of earned income; the contribution limit (18%) is based on the prior year's income. Finally, any government-sourced benefits and tax credits will not be affected by withdrawals from a TFSA, while those from an RRSP will be factored into benefit eligibility and tax bracket. If the TFSA is your rainy day fund, then you should only use the RRSP if it's a deluge.


There Are Even More Strategies On How To Leverage Tax-Free Savings

Each family's needs and savings goals are different – that's why we develop an individual savings plan for each client. Helm values quality and reputation over quotas and selling products. We charge a fee for financial planning, but a savvy investor considers our expertise part of the investment as well. Without the obligation to push certain investment plans, we have the flexibility to find the most suitable products for our clients and develop strategies that work. With Helm controlling the rudder of your financial ship, navigating the waters of financial planning is smooth sailing.

What Our Customers Are Saying

Check out what some of Alberta's most satisfied clients have to say about Helm and our variety of tax planning solutions including investing in tax-free savings options. These Alberta investors have put us at the Helm of their ship and as a result, we brought their portfolio to places they never thought possible with other firms. We were partners, navigated the seas of savings together and made their money go farther for them and their families. When you know Alberta and its residents like we do, calling us is an easy choice for simple, straightforward tax planning from local experts who care about your financial goals.

It’s been great working with Helm to get me started in the right direction when it comes to investing my money. I have seen great return, but even better, I feel supported every step of the way.
— Christine Reyes, Customer

Tell Us About Your Biggest Concern When it Comes to Taking Advantage of Tax-Free Savings

We want to know where you’ve been and where you want to go so join us for a Free Consultation

Nothing is ever simple when it comes to managing your hard earned money and planning for the future. Making wise decisions along the way can dramatically impact the destination. We know how to get to you where you want to go so contact us and let’s sit down have a 100% No Obligation Consultation. We’ll do our best to make this a true pleasure cruise for you and take the stress out getting the most out of your money.


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