Wiest Insurance & Investment Management
Put together a versatile investment powerhouse.
TFSA – Tax-Free
Savings Account
A flexible, registered general-purpose savings vehicle that allows Canadians to earn tax-free investment income to more easily meet lifetime savings needs
TFSA – Tax-Free Savings Account
Available to anyone 18 years or older, the TFSA is a unique savings account that allows you to grow your savings on a tax-free basis for a personal project. An extremely flexible savings vehicle, you may withdraw funds whenever you want without a tax penalty.
After an RRSP, the TFSA is, without question, the most advantageous investment vehicle created by the Canadian government to encourage personal savings. More flexible than an RRSP, it allows you to put money aside on a tax-free basis for a project (car, house, vacation...) to be used whenever you wish.
Characteristics and advantages of a TFSA:
You can contribute up to the limit regardless of your income. In 2024, the annual TFSA contribution limit was $7,000. If you were 18 and a Canadian citizen in 2009, you will have received the annual contribution room every year of its conception. The cumulative total of TFSA contribution room since the inception of the program is $95,000. You can track your TFSA contribution room using the Canada Revenue Agency’s (CRA) My Account self-service portal.
Your savings grow tax-free because your contributions and any earnings generated are not taxable.
You can put funds aside tax-free, such as an inheritance, a donation or investment income. You may withdraw any amount at any time without penalty.
You can still save for your retirement even if you have reached your maximum contribution limit for your RRSP.
Compare different savings plans to find the one that is right for you.
| Eligibility Age | Contribution Age Limit | Contributing Ceiling | Tax-Deductible Contributions | Tax-Sheltered Accumulation | Tax Payable Upon Withdrawal | Carry Forward | |
|---|---|---|---|---|---|---|---|
| RRSP | None | 71 | |||||
| TFSA | 18 | None | |||||
| Non-Registered Savings Plan | None | 90 | Does not apply |
Insurance Planning
Investment Planning
Agriculture
Corporate & Small Business
Insurance Planning
As an Independent financial advisor, my team will provide services tailored to each client’s needs and objectives. Proper planning now can help reduce emotional and financial stress when the need for insurance arises. Adequate insurance for life and long-term care is essential, and careful planning is crucial to nearly any financial goal. Having insurance coverage in place is invaluable, allowing you to focus on what matters most and not worrying about finances.
Investment Planning
Because Wiest Insurance and Investment Management is an independent firm, we are empowered to deliver unbiased advice and are not restricted to certain investments or proprietary products – solutions are customized to meet your needs and investment objectives.
Allow us to help navigate your retirement planning, tax, estate, philanthropic or business succession plans.
Agriculture
Agriculture continues to be one of, if not the most important industry in Alberta…yet we have seen drastic intergenerational changes. Being raised on a 4th generation crop and cattle farm in Southern Alberta, I have the ability to work with you in developing a financial plan that focuses on successfully transitioning your farm…whether that means succession planning or sale planning. If you are expanding, or have current debt that is insured through your bank or lending facility, allow Wiest Insurance and Investment Management the chance to shop out your insurance needs and bring back a cheaper and better solution!
Corporate & Small Business
You need professional advice and guidance that can help you develop the right plan for your future and the future of your business. Wiest Insurance and Investment Management will provide sophisticated planning solutions for your business including qualified retirement plans, succession planning, buy-sell agreements, risk management, nonqualified executive benefits, and employee benefits along with developing investment and savings accounts owned by your corporation to grow your retained surplus cash.
