📈📚 As always, if you're a beginner to the Stock Market in Canada and you're looking for a step-by-step blueprint on how to get started... Find out more about our Investing Academy here - bit.ly/theinvestingacademy In this video, we'll cover everything you need to know to manage your TFSA properly.
My son has disability , so l opened for him 2 FTSA because he works a few hrs a week, he gets paid bi-weekly , so l arranged with the back to take some of the pay and put it in his FTSA , l don't know if this is the right way to contribute , l did send u a msg Mr. Beavis on messenger but waiting for u to respond , l really need ur help , because the bank doesnt explain enough for me to understand, much apprecited
this is absolutely golden!!! pure researched knowledge!!! for free!!! thank you so much for getting deeper in the world of TFSA. if everyone starts with this video, were all better off!! thanks marc!
Brilliant episode Marc! The TFSA is such a powerful tool for Canadians and you hit all the nails on the head.I’m sure this episode will be referred back to many times by many people. Perfect! 👍👍👍
Great video as always. I would add another important reason you might not want to use your TFSA account to speculate on risky investments. In addition to just not being able to deduct to deduct the loss, you also permanently lose that same amount or room in your TFSA going forward. It might be tempting to buy that penny stock hoping it doubles, triples, or go through the moon all tax free, but if the same stock goes to zero, you have nothing. Just think about how much the same amount might have been worth if had been allowed to grow, and compound during your lifetime prior to needing it at retirement. To the rich who can afford to speculate because they could afford a loss , do what you want, but for the rest of us, I think we should be very prudent with our TFSAs. I speak from experience, as someone who lost quite a bit of money in my TFSA and has taken years to break even again. Whereas my regular portfolio had done just fine because I wasn't so greedy.
Great comment, Ryan, and thanks for sharing your experience. When these were rolled out in 2009, I was shocked at how many people who had spent their entire lives buying GICs, were all of a sudden high risk investors. Blew me away. Thanks for watching. - Marc
This video is legendary! The fact that it is an all in one makes it the best of the best. These videos need to be long and full of information so that we can save them and go back to them whenever we are looking for knowledge. Marc you are the best! Every account should have a video like this!
Wow.. thanks for your nice comments. I try to keep these at a reasonable length, but I wanted this to be all encompassing rather than breaking it down into smaller videos. I might do some in the future on various sections, but this was the long one! Thanks for watching, and I'm glad you enjoyed. - Marc
This was perfect! The bookmarks throughout the video make it ideal to locate particular info on TFSA. Thank you for such a well organized video preparation. 👍🇨🇦🍁😀😷💉
Thanks a lot for the most detailed explanation on TFSA available online! I once had an overcontribution on the TFSA, I had over 10K sitting there for a year (not even invested), I read wrong the CRA and where I thought it was my contribution room, actually was in bold and in between (10k) brackets so was an overcontribution. The penalty I had to pay was quite big. I paid the full amount immediately and fix the overcontribution, but I also write a detailed letter explaining my mistake to the CRA. They acknowledge that was not a delivered mistake, and give me a refund of the penalty I paid. So at the end they are humans too. Obviously try to never overcontribute, but if it happens you can explain to them your mistake and you have some room of time to fix it.
Great video Marc, I believe you pretty much covered every aspect of TFSAs. We sold our house last year and have a small surplus, so my wife and I will both open individual TFSAs as I understand we can't have a joint account. Another question I've wondered about is this; can a person put the deed to real estate inside a TFSA account as long as it doesn't exceed the limit? Say something like a piece of land or lot. Is this possible? Thanks Marc
Great video with some misconceptions I was not even aware of. I will say this though: 2 reasons I prefer investing in my TFSA than in an RRSP are: 1. I expect to make more money - and hence be in a higher tax bracket - after the withdrawal age for RRSP 2. We know today what our tax brackets are. We do not know what they will be in 20, 30, 40 years. So you could make a plan where you put money in at a 30% bracket and get a nice chunk of return, but in 30 years, you will have to pay 70% of taxes on your withdrawals. Not saying this will happen, but we don't know what the future holds As much as money today (the tax return from your RRSP to reinvest) is better than money tomorrow, in this case I find the 2 points above outweigh this mantra. In all other circumstances, I prefer money today because I know I can 10X it.
Totally agree! Can you imagine us paying less taxes 20 or 30 years from now? Definitely NOT! And I am aiming to make a higher income in retirement than I make now, cause with inflation alone, I will need make more to survive. I rather pay the tax now at this rate, than pay the tax for later, which will for sure be higher.
Simply put, this is the defacto TFSA video anyone should watch if they're at all interested in this investment vehicle. Incredibly thorough and well presented.
Great video Marc. One question in regards to day trading. When you said they look at the amount of trades you make. You would mean a trade is a buy and sell the same stock in min hrs. I make a lot of buys every week but very rarely sell as I’m a buy and hold investor for my TFSA. So I would have no issues. I just buy small amounts very frequently because I’m using Wealthsimple with no commission and buy when I can lower my average cost and gets me a better yield on my dividends.
If you're buying, even in small amounts, and rarely selling, that falls far outside the guidelines that are used to determine whether you're running a 'business' inside your TFSA. From what you describe, you don't have a worry in the world. - Marc
Could you please do a RDSP? The rules are tricky in that one. I know it’s not for most people but disabled people should be fully aware of the benefits it provides. And who knows, someone could easily need it one day if some unforeseen accident happens right? 🤷♂️
Made the mistake of withdrawing TFSA instead of transferring between TFSA. Great vid, wish the government could better inform young adults of this info.
Nice summary of mistakes! I know the designated exchange list is long....but which brokers offer TFSAs that can access anything but Canadian and US exchanges? I can't find any.
Great video Marc! Very well explained!! I wish I had seen this video before I made couple mistakes which you have mentioned in the video!! lol.. For sure it will help a lot of people !!
Thanks for commenting, and I hope your 'mistake' wasn't too big! I did the same thing many, many years ago, but with my RRSP, not my TFSA. Pretty much the same though, and we learn from our mistakes. Glad you enjoyed the video, and thanks for your support. - Marc
Thanks for your videos! Great educational information. I have a question for you! I recently opened a TFSA and have started putting a bit of money into it each month. However, I have no clue how to actually "invest" it! Theres a lot of information out there and I have no idea where to begin.
Hi Liz, and thanks for watching and commenting. You're right, there is a ton of information out there and it's hard to know where to begin. To get some ideas, feel free to check out our Investing Academy for some ideas. You can enroll in our Free Course just to get some ideas, at least to start. The link is www.theinvestingacademy.ca. Thanks again for watching. - Marc
Great information! I think the name is misleading, should be called the Tax Free Investing Account. I fell into the savings trap early on and didn’t realize the broad range of investments that could be held.
Hi Marc! Great video, your depth of knowledge has been such a blessing 😊 I’m a recent grad (23 years old) and I’ve maxed out both TFSA and RRSP. When I first began investing, I was definitely eager so I jumped in with little strategy. I currently hold many US blue chip companies in my TFSA along with volatile stocks such as Nio, palentir and alibaba. I was wondering, do you recommend perhaps opening up a margin account to allocate these growth stocks to? I’m not an active investor and I’m unsure what would be the best thing to do… Additionally, what do you think about investing student loans as the government recently extended their interest free period until 2023? Thank you so much!
Just a heads up in applying with The online CRA account. If They have issues with your email account in any way, you will not have access to your account even if you try to access your account through the option of going through your bank. You would think accessing it through your bank would get you into your account but no. When you use the online CRA account you will NOT get mail from them. I had to call the CRA to see what was happening and that’s what I was told. Sucks when you owe the government taxes yet don’t get the info regarding owing them then you are charged late fees as well. Lesson learned 😁
Hi, I have a question. Let's say the max contribution of 2021 is 50k. You have invested 50k during the year (2021) and now it's up to 60k. If you withdrawal 60k from your tfsa account, can you put back 60k in 2022 plus the new contribution (let's say it's 6k). So, in 2022, can you put in your tfsa 60k + 6k or it has to be 50k +6k? Thank you and nice work!
Agreed. Ultimately, it's up a a judge, I guess, and they just look at the specific facts and made a decision. If it were black and white, it would be much better. - Marc
TFSA vs RRSP, if one has lottery winnings, insurance payout or inheritance which is already tax free, is there an issue putting it into an RRSP, then being taxed when it gets withdrawn? I realize there is a tax credit for the contribution in the tax year it's put into the RRSP, but I'm not sure in the end if it would be better to invest those funds into a TFSA or an RRSP?
Hi Michael. It would depend on other factors, such as what your income level is, and how long you'd be planning to leave the funds inside the RRSP. Those are just a couple of things you'd need to consider. I don't think there's a blanket answer as to which is better. Thanks for your comment, and for asking. - Marc
Can you clarify: If you sell stocks in your TFSA that you’ve had for over a year, but don’t cash it, do you pay capital gain? Eg: buy TSLA for 400 in 2019, sell for 800 in 2022. But you use that money to buy ENB.to instead of withdrawing it. Do you have to pay capital gain for that?
Great TSFA presentation, Brandon. Is there a video that we can view about RRIF's, like would it better to invest in our RRIF's vs TSFA's ? Thank you so much Michael
I am just starting to watch this video and what I am hoping to get out of it is: Is there any point of putting money into a TSFA for retirement if you still have room in your RRSP? If it matters I am 54 and will be retiring in 12 years with a 20 year defined benefits pension.
Hi Marc, good day to you, first i like to say thanks💯 for the information, it was very helpful to me and others too. I have a question i was hoping you able to help me. When using a brokerage, how im i able to make someone my beneficiary, what is the process? Since my TSFA is not from a bank account, Thank you.
Thanks and you're welcome. The dealer/company your TFSA is with will have a form that you'll complete to name/change a beneficiary. It will depend on the company you're with. Best of luck. - Marc
Thank you for providing such valuable information to the public! Just a quick question, do referral rewards and dividends received count towards TFSA contributions?
Hi I have a question. Does TFSA contribution limit depends on the year when you became a resident of Canada? Or the whole TFSA limit gets (if ones born before 1991) regardless of the year of residency canada? Please give me the government website link which shows that. Thanks
Excellent video, Marc! Loved the in-depth explanation. Hit the thumbs up just 6 minutes into the video. However, it would be beneficial if you or Brandon could make a video on how can international students can invest here in Canada. Any additional rules for international students or which platforms suit us better? Keep up the great work! Sending positive vibes from Calgary!!
Thanks for the Calgary vibes! We appreciate you watching and taking the time to comment. I will make note of your suggestion re international students, but would have to do some serious research first because that's not an area I'm familiar with yet. Will make a note though, and see what happens! - Marc
About the foreign withholding tax in a TSFA, does it apply only to regular dividends or does it also apply to distributions categorized as capital gain, return of capital, interest, etc... ?
During your investing days do you recall any of the worst timed IPO's? Like IPO's during crashes due to 9/11 or any other event that caused a crash in the market. Just curious and trying to make a connection to now because there are still a lot of good IPO's coming up and I am curious if crashes occurred after a hyped up IPO. Hope that question makes sense.
Thanks for the video! I've heard TFSA is only for long term investment and cannot be used for day trading. Wonder if this is true and if so how is the transaction limitation determined?
Awesome video!! Question: if I withdraw in 2021, are you only able to recollect that room in 2022? Or does it just get added to the accumulated room going forward. Also, lets say i only contribute what i withdrew the previous year, how does the government know that im trying to collect that room again and not just that yearly contribution amount (i.e $6000)
Hi Raymon. First part, correct, you can only get that room back in the following year. Second part, you get the room back from the withdrawal, plus the new year's room. When you recontribute, it isn't divided into collecting that room again, or a new yearly contribution. They don't care. If the new room was $6,000, you'd simply have $12,000 of room, and if you contribute $6,000, you'd be left with $6,000 for future contributions. Thanks. Marc
📈📚 As always, if you're a beginner to the Stock Market in Canada and you're looking for a step-by-step blueprint on how to get started... Find out more about our Investing Academy here - bit.ly/theinvestingacademy
In this video, we'll cover everything you need to know to manage your TFSA properly.
Can we buy Chinese companies' ADR listed on US market?
How would one go about scouting companies to invest in ?
My son has disability , so l opened for him 2 FTSA because he works a few hrs a week, he gets paid bi-weekly , so l arranged with the back to take some of the pay and put it in his FTSA , l don't know if this is the right way to contribute , l did send u a msg Mr. Beavis on messenger but waiting for u to respond , l really need ur help , because the bank doesnt explain enough for me to understand, much apprecited
This one deserves the ultimate tag! Marc outdid Brandon on this one. Now if you can make one for RESPs I would be ecstatic.
Thanks Kun. I'll be sure to add RESP to the to do list. - Marc
Marc always does!
this is absolutely golden!!! pure researched knowledge!!! for free!!! thank you so much for getting deeper in the world of TFSA. if everyone starts with this video, were all better off!! thanks marc!
Thanks a ton. Really appreciate your support. - Marc
Wow, I learned a LOT of new things. For free RUclips content, this is above and beyond what is usually free.
Thanks, Michael. I appreciate that. - Marc
Brilliant episode Marc! The TFSA is such a powerful tool for Canadians and you hit all the nails on the head.I’m sure this episode will be referred back to many times by many people. Perfect! 👍👍👍
Hey Derek. Thanks a ton for your nice comment, and for supporting the channel as you always do. - Marc
Looking for topic ideas? How about educating folks about pros and cons of self employment in this gig economy
Great video as always. I would add another important reason you might not want to use your TFSA account to speculate on risky investments. In addition to just not being able to deduct to deduct the loss, you also permanently lose that same amount or room in your TFSA going forward. It might be tempting to buy that penny stock hoping it doubles, triples, or go through the moon all tax free, but if the same stock goes to zero, you have nothing. Just think about how much the same amount might have been worth if had been allowed to grow, and compound during your lifetime prior to needing it at retirement. To the rich who can afford to speculate because they could afford a loss , do what you want, but for the rest of us, I think we should be very prudent with our TFSAs. I speak from experience, as someone who lost quite a bit of money in my TFSA and has taken years to break even again. Whereas my regular portfolio had done just fine because I wasn't so greedy.
Great comment, Ryan, and thanks for sharing your experience. When these were rolled out in 2009, I was shocked at how many people who had spent their entire lives buying GICs, were all of a sudden high risk investors. Blew me away. Thanks for watching. - Marc
One of the most detailed TFSA videos on the web- great work!
Thanks, Rick. Appreciate your comment. - Marc
Thank goodness for RUclips - and this channel!
Thanks for watching - Marc
This video is legendary! The fact that it is an all in one makes it the best of the best. These videos need to be long and full of information so that we can save them and go back to them whenever we are looking for knowledge. Marc you are the best! Every account should have a video like this!
Wow.. thanks for your nice comments. I try to keep these at a reasonable length, but I wanted this to be all encompassing rather than breaking it down into smaller videos. I might do some in the future on various sections, but this was the long one! Thanks for watching, and I'm glad you enjoyed. - Marc
Extremely useful video! Would love to see a video by Mark about the RRSP.
Thanks for your comment. I will do an RRSP at some point... maybe later in the year or early 2022. - Marc
or more details about deciding between a TFSA and RRSP...a few scenarios as examples.
Marc once again you knocked it out of the park! you gave me much to chew on with the succession angle, my wife thanks you
Thanks for your comment. And tell your wife she's welcome. 😄 - Marc
The best video out there on TFSA! When next time someone asks me a question on TFSA, all I have to do is forward this video!
Wow, thanks, and I'm really glad you found this video useful. Cheers. - Marc
This was perfect! The bookmarks throughout the video make it ideal to locate particular info on TFSA. Thank you for such a well organized video preparation. 👍🇨🇦🍁😀😷💉
The free TFSA tracker link no longer works, older video. Can you send or reestablish?
Thanks a lot for the most detailed explanation on TFSA available online!
I once had an overcontribution on the TFSA, I had over 10K sitting there for a year (not even invested), I read wrong the CRA and where I thought it was my contribution room, actually was in bold and in between (10k) brackets so was an overcontribution. The penalty I had to pay was quite big. I paid the full amount immediately and fix the overcontribution, but I also write a detailed letter explaining my mistake to the CRA. They acknowledge that was not a delivered mistake, and give me a refund of the penalty I paid. So at the end they are humans too. Obviously try to never overcontribute, but if it happens you can explain to them your mistake and you have some room of time to fix it.
Oh wow... thanks for sharing your story, and I'm thrilled it had a happy ending. 🙂- Marc
All I can say is thank you, and for sure I will share this to my friends.
You're welcome, and thanks for considering sharing the video. Much appreciated. - Marc
I love watching interesting information about Canadian market. Thanks.
Cheers. - Marc
Brilliant Marc! Thanks for putting this together for us.
Best video yet! Definitely do more of these! I learned so much
Thanks. Really happy you were able to learn from watching. - Marc
Thanks for another great video, Marc! I'm so glad you clarified at 35:50 mins that you can contribute "100K" vs. $75,500 (your TFSA jar grew).
Glad it was helpful! It's something that seems to always cause confusion. - Marc
Went back and listened to this point! I had no idea you could put back the limit PLUS growth back the following year! Awesome to know that!
Such an amazing guide! Already shared it with some of my friends that have been looking for this info :)
Awesome, and thank you so much for sharing the video. Appreciate you commenting and so glad you enjoyed the video - Marc
what a great presentation in layman's terms. Was on point and of great help
Thank you very much. - Marc
EXCELLENT Marc. Best info on TFSA-day trading. I have seen numerous videos on this issue and NO ONE laid it out as clearly as you did. 👍👍👍👍👍
Thanks so much... appreciate your kind comment. - Marc
Great video Marc, I believe you pretty much covered every aspect of TFSAs. We sold our house last year and have a small surplus, so my wife and I will both open individual TFSAs as I understand we can't have a joint account. Another question I've wondered about is this; can a person put the deed to real estate inside a TFSA account as long as it doesn't exceed the limit? Say something like a piece of land or lot. Is this possible? Thanks Marc
Wow amazing info!! Thank you so much!!! I did wonder about this and couldn't find it anywhere else!!🥰🙏
Glad it was helpful, Serena. We appreciate you watching. - Marc
Great video with some misconceptions I was not even aware of.
I will say this though: 2 reasons I prefer investing in my TFSA than in an RRSP are:
1. I expect to make more money - and hence be in a higher tax bracket - after the withdrawal age for RRSP
2. We know today what our tax brackets are. We do not know what they will be in 20, 30, 40 years. So you could make a plan where you put money in at a 30% bracket and get a nice chunk of return, but in 30 years, you will have to pay 70% of taxes on your withdrawals. Not saying this will happen, but we don't know what the future holds
As much as money today (the tax return from your RRSP to reinvest) is better than money tomorrow, in this case I find the 2 points above outweigh this mantra. In all other circumstances, I prefer money today because I know I can 10X it.
Appreciate you sharing your thoughts. All the best as you move down this investment journey. - Marc
Totally agree! Can you imagine us paying less taxes 20 or 30 years from now? Definitely NOT! And I am aiming to make a higher income in retirement than I make now, cause with inflation alone, I will need make more to survive. I rather pay the tax now at this rate, than pay the tax for later, which will for sure be higher.
Simply put, this is the defacto TFSA video anyone should watch if they're at all interested in this investment vehicle. Incredibly thorough and well presented.
Thank you for much. - Marc
Awesome and details Video…Thank you very much 4 sharing
You're welcome, and thanks for watching. - Marc
Marc is BOSS LEVEL!!!
Thanks Chris! We appreciate your support. 👍 - Marc
Thx so much! This video helps me a lot and it's probably the most easiest and detailed one to understand so far on RUclips.
So much detailed video . Very informative . I learnt so much. Could please make one for resp as well
Great breakdown - One of the most advantageous accounts offered to us Canadians 🤑
Thanks a ton. Appreciate your support. - Marc
Such a great resource. Well done!
Thanks, Troy, and thanks for your support. - Marc
What a wealth a knowledge! Thank you Marc and The Academy. Broly
Thanks a ton! Truly appreciate your support of our channel and Academy. 👍 - Marc
Love your contents and details
Man, really really enjoyed this one. Fantastic content.
Thanks Christian. Glad you enjoyed the video and content, and we appreciate you supporting the channel. Cheers. - Marc
The best of the best of knowledge and experience Thank you very much
Thanks mark great video!
What do you consider a low, medium or high income?
Great video Marc. One question in regards to day trading. When you said they look at the amount of trades you make. You would mean a trade is a buy and sell the same stock in min hrs. I make a lot of buys every week but very rarely sell as I’m a buy and hold investor for my TFSA. So I would have no issues. I just buy small amounts very frequently because I’m using Wealthsimple with no commission and buy when I can lower my average cost and gets me a better yield on my dividends.
If you're buying, even in small amounts, and rarely selling, that falls far outside the guidelines that are used to determine whether you're running a 'business' inside your TFSA. From what you describe, you don't have a worry in the world. - Marc
Great video, very informative! Thank you😁😁
Glad it was helpful, Brian. Thanks for watching and for taking the time to leave your comment. - Marc
This was truly amazingly informative, I have learnt a lot. Thank you...
Thanks, Christine. Thanks for watching. - Marc
Excellent video to learn more then just the basics on a TFSA!
Thanks, Bruce. A bit deeper and longer, but hopefully it will provide good, rounded info. - Marc
Could you please do a RDSP? The rules are tricky in that one. I know it’s not for most people but disabled people should be fully aware of the benefits it provides. And who knows, someone could easily need it one day if some unforeseen accident happens right? 🤷♂️
Made the mistake of withdrawing TFSA instead of transferring between TFSA. Great vid, wish the government could better inform young adults of this info.
Yah, that's pretty common. Hopefully this video will save at least a few people from doing that! - Marc
Thank you. Avery informative, clear and straight forward video. I'm subscribed but am going to check out the investment academy.
Hi William. Thanks for watching and for taking the time to leave your comment. - Marc
I really appreciate the successor holder information.
You bet. - Marc
Nice summary of mistakes!
I know the designated exchange list is long....but which brokers offer TFSAs that can access anything but Canadian and US exchanges? I can't find any.
Nice summary of TFSA s, not mistakes!
Amazing presentation on a complicated subject - comprehensive, concise and detailed analysis.
Thank you for sharing your knowledge.
Great video Marc! Very well explained!! I wish I had seen this video before I made couple mistakes which you have mentioned in the video!! lol.. For sure it will help a lot of people !!
Thanks for commenting, and I hope your 'mistake' wasn't too big! I did the same thing many, many years ago, but with my RRSP, not my TFSA. Pretty much the same though, and we learn from our mistakes. Glad you enjoyed the video, and thanks for your support. - Marc
Is there foreign withholding tax for an ETF with US holdings that is traded in TSX? Also, would this ETF be a bad choice to buy in TFSA?
Very informative, can you have more than one RRSP , let’s say Questrade and WealthSimple ?
Yes, you can have multiple RRSPs. You just need to keep within the limits of your contribution room between them. - Marc
Thanks for your videos! Great educational information. I have a question for you! I recently opened a TFSA and have started putting a bit of money into it each month. However, I have no clue how to actually "invest" it! Theres a lot of information out there and I have no idea where to begin.
Hi Liz, and thanks for watching and commenting. You're right, there is a ton of information out there and it's hard to know where to begin. To get some ideas, feel free to check out our Investing Academy for some ideas. You can enroll in our Free Course just to get some ideas, at least to start. The link is www.theinvestingacademy.ca. Thanks again for watching. - Marc
Great information! I think the name is misleading, should be called the Tax Free Investing Account. I fell into the savings trap early on and didn’t realize the broad range of investments that could be held.
Agreed... so many people think it's just for a GIC. Thanks for commenting. - Marc
Thank you very much. The more people that find out this information the more people can benefit. It’s such an important asset. Great video.
Thank you very much, and I'm glad it was helpful! - Marc
Great content Mark and Brandon! More of this videos... Thank you for all topics you are sharing.
You bet. Thanks for taking the time to watch and comment. - Marc
Hi Marc! Great video, your depth of knowledge has been such a blessing 😊 I’m a recent grad (23 years old) and I’ve maxed out both TFSA and RRSP. When I first began investing, I was definitely eager so I jumped in with little strategy. I currently hold many US blue chip companies in my TFSA along with volatile stocks such as Nio, palentir and alibaba. I was wondering, do you recommend perhaps opening up a margin account to allocate these growth stocks to? I’m not an active investor and I’m unsure what would be the best thing to do… Additionally, what do you think about investing student loans as the government recently extended their interest free period until 2023? Thank you so much!
Great video once again, really helpful guide that covers everything you need to know about a TFSA
Thanks. - Marc
This video was great! Thank you for your time into developing such great resources!!
Thanks, Nancy, and you're welcome. - Marc
Just a heads up in applying with The online CRA account. If They have issues with your email account in any way, you will not have access to your account even if you try to access your account through the option of going through your bank.
You would think accessing it through your bank would get you into your account but no.
When you use the online CRA account you will NOT get mail from them.
I had to call the CRA to see what was happening and that’s what I was told.
Sucks when you owe the government taxes yet don’t get the info regarding owing them then you are charged late fees as well.
Lesson learned 😁
Great info. Your channel continues to provide awesome info, especially to the younger generation of Canadian investors.
Thanks so much. We appreciate your support. - Marc
How do you know if the stock is a non qualified investment? Thanks
Hi, I have a question. Let's say the max contribution of 2021 is 50k. You have invested 50k during the year (2021) and now it's up to 60k. If you withdrawal 60k from your tfsa account, can you put back 60k in 2022 plus the new contribution (let's say it's 6k). So, in 2022, can you put in your tfsa 60k + 6k or it has to be 50k +6k? Thank you and nice work!
In your example, you can recontribute $60k + $6k. The amount you withdrew is added to your limit the following calendar year. - Marc
So much learning in this video, thanks.
Thanks Anne. Always appreciate that you take the time to leave a comment. - Marc
Im always concerned of how many trades i make in my tfsa, regarding it getting flagged by cra. Wish cra was less vague on what spicificly is allowed
Agreed. Ultimately, it's up a a judge, I guess, and they just look at the specific facts and made a decision. If it were black and white, it would be much better. - Marc
TFSA vs RRSP, if one has lottery winnings, insurance payout or inheritance which is already tax free, is there an issue putting it into an RRSP, then being taxed when it gets withdrawn? I realize there is a tax credit for the contribution in the tax year it's put into the RRSP, but I'm not sure in the end if it would be better to invest those funds into a TFSA or an RRSP?
Hi Michael. It would depend on other factors, such as what your income level is, and how long you'd be planning to leave the funds inside the RRSP. Those are just a couple of things you'd need to consider. I don't think there's a blanket answer as to which is better. Thanks for your comment, and for asking. - Marc
Can you clarify: If you sell stocks in your TFSA that you’ve had for over a year, but don’t cash it, do you pay capital gain? Eg: buy TSLA for 400 in 2019, sell for 800 in 2022. But you use that money to buy ENB.to instead of withdrawing it. Do you have to pay capital gain for that?
You do not pay tax on capital gains in a TFSA. Hope that clarifies it! - Marc
definitely the best guide for tfsa
Thanks a lot, Jon. Appreciate you watching. - Marc
Thanks for your free great info, keep up your awesome job.
Our pleasure. Thanks for watching. - Marc
Great TSFA presentation, Brandon. Is there a video that we can view about RRIF's, like would it better to invest in our RRIF's vs TSFA's ?
Thank you so much
Michael
Thanks for your comment, Michael. I suspect we'll do a video on RRIFs, etc., at some point. Probably in the near year. - Marc
This video was very helpful and easy to follow. Thank you!
Glad it was helpful, Michelle. Thanks for taking the time to comment. - Marc
Thank you sir...
Can you also explain the Define Contribution Pension Plan?
I am just starting to watch this video and what I am hoping to get out of it is: Is there any point of putting money into a TSFA for retirement if you still have room in your RRSP? If it matters I am 54 and will be retiring in 12 years with a 20 year defined benefits pension.
Can you do a video on other registered accounts like RESP RDSP etc.
Amazing video thanks Marc
Hi Marc, good day to you, first i like to say thanks💯 for the information, it was very helpful to me and others too. I have a question i was hoping you able to help me. When using a brokerage, how im i able to make someone my beneficiary, what is the process? Since my TSFA is not from a bank account, Thank you.
Thanks and you're welcome. The dealer/company your TFSA is with will have a form that you'll complete to name/change a beneficiary. It will depend on the company you're with. Best of luck. - Marc
@@beaviswealth thanks
As always, great video! Nice to see well presented Canadian content - much appreciated!!
Thanks, Kimmy. - Marc
Thank you for providing such valuable information to the public! Just a quick question, do referral rewards and dividends received count towards TFSA contributions?
Amazing video Mark, lots of work and research put into this one. Very helpful and informative.
Thanks so much, and thank for watching. - Marc
Is there any benefit to opening a personal wealth simple account ?
Love the channel btw 💯
Very helpful thanks!
You're welcome, and thanks for watching. - Marc
Can mutual funds be transferred into TFSA without paying tax. I may have missed this in your video
Thanks so much for the information! I learned a lot :)
Glad it was helpful, Raheleh. Thanks. - Marc
Hi I have a question. Does TFSA contribution limit depends on the year when you became a resident of Canada? Or the whole TFSA limit gets (if ones born before 1991) regardless of the year of residency canada? Please give me the government website link which shows that. Thanks
30 years old, just found out about the benefits about a TFSA, thank you for this video.
You bet... thank you for taking the time to tune in and watch. - Marc
Not too late
Can you make one for RRSPS!!!!
Excellent video, Marc! Loved the in-depth explanation. Hit the thumbs up just 6 minutes into the video. However, it would be beneficial if you or Brandon could make a video on how can international students can invest here in Canada. Any additional rules for international students or which platforms suit us better? Keep up the great work! Sending positive vibes from Calgary!!
Thanks for the Calgary vibes! We appreciate you watching and taking the time to comment. I will make note of your suggestion re international students, but would have to do some serious research first because that's not an area I'm familiar with yet. Will make a note though, and see what happens! - Marc
About the foreign withholding tax in a TSFA, does it apply only to regular dividends or does it also apply to distributions categorized as capital gain, return of capital, interest, etc... ?
The withholding applies to dividends specifically. Other gains inside a TFSA are tax free. Thanks for your comment and question. - Marc
Thanks! This is a very useful video. You cleared a lot of misconceptions and given some great advice on TSFA. Please do one on RESP.
Thanks. I have had a couple of RESP requests, and have added it to my list of future videos. - Marc
During your investing days do you recall any of the worst timed IPO's? Like IPO's during crashes due to 9/11 or any other event that caused a crash in the market. Just curious and trying to make a connection to now because there are still a lot of good IPO's coming up and I am curious if crashes occurred after a hyped up IPO. Hope that question makes sense.
Marc, another home run 👏👏
Thanks a ton. Appreciate you watching our content. - Marc
Great video!!! Thank you! Have a quick question - do I need to pay taxes on US stocks capital gains held in TFSA account?
Hey Sunny. No, capital gains are tax free. Cheers - Marc
@@beaviswealth thanks Marc
My TFSA strategy is 25% TEC.TO, 25% VFV, 25% CN, 25% CP.... thoughts?
Thanks for the video!
I've heard TFSA is only for long term investment and cannot be used for day trading. Wonder if this is true and if so how is the transaction limitation determined?
You're exactly right, if the CRA catches you day trading in a TFSA, You could potentially lose all of its benefits forever so watch out! 🤕
I do have a section on that in this video. It shows you the various factors you need to consider. Thanks! - Marc
Awesome video!! Question: if I withdraw in 2021, are you only able to recollect that room in 2022? Or does it just get added to the accumulated room going forward. Also, lets say i only contribute what i withdrew the previous year, how does the government know that im trying to collect that room again and not just that yearly contribution amount (i.e $6000)
Hi Raymon. First part, correct, you can only get that room back in the following year. Second part, you get the room back from the withdrawal, plus the new year's room. When you recontribute, it isn't divided into collecting that room again, or a new yearly contribution. They don't care. If the new room was $6,000, you'd simply have $12,000 of room, and if you contribute $6,000, you'd be left with $6,000 for future contributions. Thanks. Marc
Great video.
Thanks a ton. - Marc
Do dividend gains from Canadian listed companies go towards our contribution limit?
Amazing explanation! I shared this with friends! Thank you!
Awesome, and thanks so much for sharing. - Marc
Great video! Question: Can you hold shares of the company you work for in a TFSA and RRSP? (Regular employee.) Is that "arm's length"?
Yes you can, as long as you don't fall into that 'control' area, with 10% or more interest, etc. in the company. Hope that helps! - Marc
Thank you so much for your amazing explain.
Thanks Doe, for watching and commenting. - Marc