Question: Do you get any interest charges when you open a TFSA account? If yes is there a way to completely avoid this, like I don't want to receive interest and I don't want to pay any interest. It is a religious thing so you answer will be very helpful. Thanks
I have a question, maybe I didn’t understood, if I am at top of my TFSA, but my annual dividends make me go above the limit, what should I do? Should I take out the dividends or should I reinvest it? Thank you 🙏🏻
@@jorgeandrade7872 The limit is only on what you contribute, not on the total balance of your account. If you contribute your maximum and your investment doubles in value, you are fine. And you can still contribute even more when the next year rolls around.
Hi, thank you for the video on TFSA accounts. If I want to buy stocks using my TFSA account what is the minimum time I can hold them before selling them? Do I have to be a long time investor if I want to trade using my TFSA account? Thanks again.
Mehn, I usually do not comment on RUclips. But damn, you guys did a great job of explaining how the TFSA works. I had to log in to make this comment. Great job guys appreciate it.
This video presentation on TFSA stands out as one of the finest. As someone new to the topic, it greatly aided in comprehending the entire concept of TFSA
I like the work that went into this video, especially dividing the video into multi - mini clips. Loved it. Definitely increased the content's quality. Way to go guy!
Excellent video. You are very educational, congratulations. I arrived from Brazil 3 years ago and now after becoming a permanent resident, I will be able to create my TFSA. Thank you for the explanations.
Thank you Steph and Dan! your channel helps me so much as i'm trying to become financially literate. As a Canadian, i find it so helpful that your videos are specific to my country! No guess work required. Seriously, your help is invaluable, please keep it up :)
You guys have explained this so clearly and in so much detail, im honestly so happy i found your channel. When I went to my bank to ask thek how a TFSA worked (and asked them specifically to explain it to me like a 5 year old as I'm not Canadian but a Permanent resident) they couldn't. I still left the office confused (i did open it thank goodness) and it would've been so helpful if they would have explained it the way you guys did. Thank you thank you thank you!!
That’s great - we love to hear that! We’ve got more content coming so we’re glad you found us.😊 Also, the sad truth is that some bank employees often don’t know how the accounts work themselves. Many are tasked with selling products as opposed to empowering customers with education.
Excellent video. So clearly explained. First time I saw a video by you & the simplicity of explanation, using simple language to explain terms meanings, showing pictures and speaking clearly & slow enough to catch all the info were the reason I subscribed immediately.
I just stumbled across this channel and I am surprised you guys haven't got a million subs yet. Amazing video, amazing content, and clear explanations. I know I will be watching many more videos from your channel.
I look forward to your videos every week! Financial literacy is something i've been intrigued in subconsciously and being from Toronto as well, I'm so happy to have found your channel to educate myself on various financial and credit products that I wouldn't have discovered prior! I also started using EQ bank thanks to your channel's informative video! Keep killing it guys!
Such a great video ! Very informative and everything is very well explained. Thanks for mentioning the benefits that an HISA would have over a TFSA if the money is just sitting there, haven’t thought of that 😅 Keep up the good work! ✨
I have a question. As mentioned at 2:16 onwards. Is it worth it to put your emergency savings in a high interest savings account if you have to pay tax on it? Does the benefit outweigh the tax you have to pay on the earned interest rates or are you losing money from that? Would love some more details and specifics on that. Thank you !
Steph and Den you are a God sent!!! Bless your hearts! I needed you in my life. I am an independent contractor and have been watching your videos to learn about investing and saving money for retirement wisely. Taxes have been very rough for me in the past 2 years since I started my independent contractor journey. Now that I am learning about all the tax free investing accounts I have a question: which one of the accounts would you recommend for someone like me who wants to pay less taxes,invest and save for a real estate property? Thank you from the bottom of my heart.
Very new to all of this. Would love a video or explanation on how to invest through your TFSA. Also would you say to have a HYSA first and then TFSA with any extra income left over after pay day? What if you’re not a high earner and can only contribute a bit each month to either of those accounts? Which steps would be best to take ? Also is it hard to transfer funds from current bank to a HYSA ? Thank you for all your information!
Ive been contributing direct from my paycheque into 2 different TFSA's (wealthsimple and rbc) but I dont understand how I invest the money once it's in the account. Wealthsimple shows me how the funds will grow overtime with. my risk level but as for my RBC account I just opened it and nothing happens. So how do you invest the funds within the account to grow further?
Question for clarification . Assuming you reached the max contribution limit for TFSA and are investing within TFSA say into etfs returning for simplicity reasons 10 percent . So 95k max contribution limit 10 percent . 9500 does that money earned count as a contribution toward the fallowing year. In other words does it need to be withdrawn in order to stay under max limit and not pay penalties ? Or is that 9500 rolled into the total and and can be re invested . Earning you more interest year after year .
Hi Steph and Den, Great video ! Do you think you can make one on how to understand your quarterly mutual fund statement? What the numbers mean and the various graphs? Thank you !
Great video. I had a question, I'll try to explain it with a scenario. Person A and B are the same age and let's say at this year they both have never contributed anything and have an accumulated room of 50k. Person A deposits and invests the 50k in January and with some good investment his money has now grown to 60k in October. Person A decides to withdraw all the money (50k initial money + 10k gain). It is now the next year and the government has added another 5k to the limit. person B who has never contributed anything now has an accumulated limit of 55k. But what about person A? Does he now have 65k room? Did that 10k gain increased his contribution room as well? or out of the 60k he withdrawal, only the 50k is added back?
12:44 ok so if I’m understanding this correctly: let’s say my contribution limit is 50k and I put 50k in, and then in one years time the stock I’m invested in turns that 50k into 500k, the following year I can still add in another $6k (let’s say 6k is the following years contribution limit) and it can still grow and grow and I won’t have any penalty’s from the CRA ?
Thank you for the lovely and informative video. I have a simple question. Let's say that I am an international worker who obtained a Canadian SIN at the age of 25 (and I was not in Canada before). In that case, my total contribution room starts from when I obtained my SIN, not from when I turned 18. Is that so? Thank you so much, all the best
Excellent job on explaining TFSA. I have a $120,000 line of credit with bank, would it make sense for me to move that line of credit to my TFSA? Thanks
Great video . just the thing i needed. Question: If we put money in TFSA, will that money becomes itself tax free for that year ? or the tax free applies to any gain we will will get on that money? For example if we put 5000$ in TFSA and gain 500$ and total amount becomes 5500$. Will the whole amount 5500$ is tax free or just 500$ is tax free?
Great video, super helpful! question: If I take a loss per your example $50k and it goes down to 10k and I take it out, how long would it take for me to be able to contribute 50k again?
That was a great video. I have a question. I'll be moving to Canada late this year. When I open my first TFSA, what will be my first year contribution limit? Would that be the maximum announced by the government for this year or will be able to use those $50,000 accumulated on these 30 something years?
Hi, it' my first time watching a video of yours and I actually subscribed because you did a great job! I have on question tho: at minute 10:01, Dan explained that if my account grew from 50,000 to 55,000 and I withdrawal the 55,000, then I will loose room = 55,000, in that same calendar year. However, I also know that "gains" do not take "room". Saying that, in the same scenario, do I loose room of 50,000 or 55,000 knowing that the additional 5,000 are "gains" Please advise.
I have a question ...so if I invest $50000 in January...and by August my investment doubles to $100000....do I still have room to contribute? and what happens if I withdraw $20000...making my total account value $80000...ok so maybe that's 2 questions
Hello! Thank you for your amazing videos! :) Question : let say I open and TFSA in one bank because there is a promotion, for 6 months. After six months, the first bank interest becomes low, but there is a second bank that has a new promotion. So I want to move my money from bank A TFSA account to a new bank B TFSA account. You said that if I take out my money, I will have to wait until the next yearly update so that this amount is adjusted in the CRA. Is moving money from one TFSA account to another counting as if I am taking out money from my maximum amount allowed? Is this counting as new money added? Thanks :) keep going, you are doing a great job
if i make american dividends in my non registered account then move that dividends to my tfsa is that better than having that American dividend stock in my tfsa and taking that 15 percent withholding fee?
Question: My wife is Canadian and I just became PR and came to Canada. Neither of us have a TFSA at this point. Should we just open up one and max it out and then open a second one or should we open up two right away?
Great video! But by investing inside the tfsa, would there be options in the account to invest inside? Because if I were to take advantage of the interest paid through a savings account and then I take it out and put it in a ttfsa, I would still pay tax to take out all that money, so what would be the benefit opening a ttfsa
Before you read this post. I want u to know that i love u both, and all i want is to see u succeed. 1st i want to say that your content is absolutely amazing and there's nothing wrong with it. However, if i may suggest; not every video has to be a topic. I think vloging, would really elevatate the channel (yes, the vlogs can focus on finance😁). it would be nice to see the things u do, the places you go, and how life is for both of u, just how u navigate life. Monday could be financial topics, wed could be a vlog.. i dont know. These are just my thoughts. To put it in a few words, this chanel will be big whether you vlog or not. But i definitely think it can grow faster right now. Anyway, keep up the good work!!
Hey Jeremy! Thanks for comment - we appreciate the suggestion! We're focused on topical videos right now, but are always changing up our strategy as we find what works best 😊
My main question is, if you decide to withdraw your 10,000 after losing 40,000. Is that 40,000 in contribution room lost permanently, or just for the next calendar year?
You’ve lost it permanently. It’s also a deterrent for anyone that wants to stock trade within this account because the TFSA is really for long term investing so you have to be careful on what you purchase inside of it.
if you just became a permanent resident, do you still have your max limit starting from 2009, cumulating it to today or you can only start investing from the year you became a permanent resident?
10:30 Let's say January 2021 you're capped at the contribution limit $50,000. And let's say the money grew to $55,000 by August and you take the money out. Also let's assume the next year's contribution limit is only an additional $4000 for a total of $54,000... Then would the amount you'd be able to re-contribute into the account in 2022 from that total amount be capped to $54,000? Since--as you say--the contribution limit doesn't increase with the income gains?
Thanks for the video. I am new resident and moved to Canada in 2023. Do I have the contribution room from the years I was >18 years old but not in Canada?
Great explanation! But I'm wondering... If I have a TFSA with my bank with 20k and that I transfert it to a regular account to be able to afterwards transfert it to my wealthsimple TFSA account will I loose contributions... What are the consequences please if there's any. Thank you and keep up the great work!!! 😁
You can create a account on wealthsimple and ask for a transfer directly tfsa to tfsa from the wealthsimple plateform indicating the info from your other account to not have problems with contribution room :)
Do you have any questions about CDIC protection of deposits held in a TFSA? Ask away below!
Question: Do you get any interest charges when you open a TFSA account? If yes is there a way to completely avoid this, like I don't want to receive interest and I don't want to pay any interest. It is a religious thing so you answer will be very helpful. Thanks
I have a question, maybe I didn’t understood, if I am at top of my TFSA, but my annual dividends make me go above the limit, what should I do?
Should I take out the dividends or should I reinvest it?
Thank you 🙏🏻
@@jorgeandrade7872 The limit is only on what you contribute, not on the total balance of your account. If you contribute your maximum and your investment doubles in value, you are fine. And you can still contribute even more when the next year rolls around.
@@j.frankparnell3087 great, thank you 🙏🏻
Hi, thank you for the video on TFSA accounts. If I want to buy stocks using my TFSA account what is the minimum time I can hold them before selling them? Do I have to be a long time investor if I want to trade using my TFSA account? Thanks again.
Absolutely the best explanation of a TFSA ever. Great job, wish it was explained this way to us in school. I'm passing this on too so many people.
So glad you liked it - and thank you for passing it on! 😊
It’s a crime that this isn’t taught in high school
Seriously!
The best video on TFSA ever. Very clear, very detailed and very creative. This is service to humanity !!!
Thanks so much! We're so glad you found it helpful 😊
Mehn, I usually do not comment on RUclips. But damn, you guys did a great job of explaining how the TFSA works. I had to log in to make this comment. Great job guys appreciate it.
Thanks so much! We're glad you liked it, and we really appreciate your comment 😊
This video presentation on TFSA stands out as one of the finest. As someone new to the topic, it greatly aided in comprehending the entire concept of TFSA
I like the work that went into this video, especially dividing the video into multi - mini clips. Loved it. Definitely increased the content's quality. Way to go guy!
Thanks so much, Abdul! We're glad you liked it 😊
Best explanation for TFSA. Keep up the good work :)
Thank you! 😊
Thank you so much for this. I just turned 19, which is the age of majority in BC, so I can open a TFSA account now. I needed this video.
We're so glad that this was helpful 😊
Excellent video. You are very educational, congratulations. I arrived from Brazil 3 years ago and now after becoming a permanent resident, I will be able to create my TFSA. Thank you for the explanations.
Thank you for watching + your comment! We're so happy to hear that 😊
This video is EVERYTHING. You've answered so many questions! Thank you for sharing!
Thank you Steph and Dan! your channel helps me so much as i'm trying to become financially literate. As a Canadian, i find it so helpful that your videos are specific to my country! No guess work required. Seriously, your help is invaluable, please keep it up :)
You guys have explained this so clearly and in so much detail, im honestly so happy i found your channel. When I went to my bank to ask thek how a TFSA worked (and asked them specifically to explain it to me like a 5 year old as I'm not Canadian but a Permanent resident) they couldn't. I still left the office confused (i did open it thank goodness) and it would've been so helpful if they would have explained it the way you guys did. Thank you thank you thank you!!
That’s great - we love to hear that! We’ve got more content coming so we’re glad you found us.😊
Also, the sad truth is that some bank employees often don’t know how the accounts work themselves. Many are tasked with selling products as opposed to empowering customers with education.
Excellent video. So clearly explained. First time I saw a video by you & the simplicity of explanation, using simple language to explain terms meanings, showing pictures and speaking clearly & slow enough to catch all the info were the reason I subscribed immediately.
Thank you so much - we appreciate it 😊
Perfectooo... thats a Deep and 100% knowledge related to TFSA in one video. Really Awesome ❤
I just stumbled across this channel and I am surprised you guys haven't got a million subs yet. Amazing video, amazing content, and clear explanations. I know I will be watching many more videos from your channel.
Thank you so much - we're so happy to hear that! 😊
Cool video, I needed this. The whole investment field was quite overwhelming, basic intros like this are helpful 👍🏽
So glad it was helpful! 😊
This video is so dope. Finally a proper explanation of TFSA!!
🙌🏿🙌🏻 we're glad you liked it!
Thanks for the info on the CDIC. Much help for a quick understanding.
Glad you liked it! 😊
You guys are incredibly helpful, thank you so much for your videos!
By far the best video on TFSA
Thank you so much 😊
I look forward to your videos every week! Financial literacy is something i've been intrigued in subconsciously and being from Toronto as well, I'm so happy to have found your channel to educate myself on various financial and credit products that I wouldn't have discovered prior! I also started using EQ bank thanks to your channel's informative video! Keep killing it guys!
Thanks so much, Kevin! We appreciate you and are so glad you're here 😊
Thank you so much! I glad to have found your channel. You guys explain information so well 👍👍👍👍
Great basic yet through explanation of the what where and how about TFSAs
Crystal clear
Thank you both
I am wanting to learn about investing and I happened to come across this video. You guys made it so simple to understand. Thank you!
Thank you for watching! 😊
Love it. Super clear. Great production. You both are excellent communicators 🎉 kudos
Thanks so much! 😊
Such a great video ! Very informative and everything is very well explained. Thanks for mentioning the benefits that an HISA would have over a TFSA if the money is just sitting there, haven’t thought of that 😅 Keep up the good work! ✨
Thanks for watching, Fatima 😊 We appreciate it!
Thank you so much guys, best explanation!
Thanks for watching! 😊
Steph & Den, thank you so much for this video!!
So glad you liked it! 🙏🏿🙌🏻
Excellent video guys, thanks for sharing
Thanks Brandon! 😊
I have a question. As mentioned at 2:16 onwards. Is it worth it to put your emergency savings in a high interest savings account if you have to pay tax on it? Does the benefit outweigh the tax you have to pay on the earned interest rates or are you losing money from that? Would love some more details and specifics on that. Thank you !
I'm learning so much from you channel. Thank you
We’re so happy to hear that! 😊
That was very helpful. You guys did a great job explaining, thank you.
thank you guys so much for explaining this to me like i am 5 years old omg i feel empowered
Ha, of course! That's the goal 🙌🏿🙌🏻
that tax free *investment* account is so sooooo helpful wow thanks.
So glad this was helpful! 😊
Steph and Den you are a God sent!!! Bless your hearts! I needed you in my life. I am an independent contractor and have been watching your videos to learn about investing and saving money for retirement wisely. Taxes have been very rough for me in the past 2 years since I started my independent contractor journey. Now that I am learning about all the tax free investing accounts I have a question: which one of the accounts would you recommend for someone like me who wants to pay less taxes,invest and save for a real estate property? Thank you from the bottom of my heart.
Love everything you guys are doing. Keep up the good work!
Thanks so much! 😊
Very new to all of this. Would love a video or explanation on how to invest through your TFSA. Also would you say to have a HYSA first and then TFSA with any extra income left over after pay day? What if you’re not a high earner and can only contribute a bit each month to either of those accounts? Which steps would be best to take ?
Also is it hard to transfer funds from current bank to a HYSA ? Thank you for all your information!
That was Amazing -Very Well Explained! I wish I knew all of this back in 2009, but as they say... better late then never! Thanks Guys👍😉🇨🇦
Thank you! Yes, definitely better late than never 🙌🏿🙌🏻
Thank you!
We are 25 & 30 married with 2 kids and we know NOTHING about investing! 😢 We want to start investing this year.
You guys explained best from all. ❤🎉
Thank you! 😊
Would you say it’s a bad idea to invest in my tfsa if I have provincial and federal student loans? Thanks for the video, very educational!
This was helpful, thank you.
So glad it was helpful 😊
Great job guys thanks so much
Wonderful content guys, thank you for sharing.
I have a question, are crypto investments able to be hold in the TFSA?
thank you for sharing and teaching.
Of course 😊 thank you for watching!
What a great video! Thank you! 🌈
Glad you enjoyed the video!😊
Ive been contributing direct from my paycheque into 2 different TFSA's (wealthsimple and rbc) but I dont understand how I invest the money once it's in the account. Wealthsimple shows me how the funds will grow overtime with. my risk level but as for my RBC account I just opened it and nothing happens. So how do you invest the funds within the account to grow further?
Best way of doing that is to shut up and ask ur husband to take care of it. This requires a brain that has the capability to think.
Great work guys!!!🙌🏽
Thank you! 😊
Very useful I didn't know about the investment loss. Thanks!
Glad you picked that up! Thanks for watching 😊
Thank you. This was very informative.
We're glad you found it helpful! 😊
Very useful and high quality video :) Good job!!!
Thanks for watching! 😊
Great explanation, thanks!
Thanks for watching! 😊
Great overview! All of my stock investments are in a TFSA so far =)
Thank you! That's great 🙌🏿🙌🏻
Question for clarification . Assuming you reached the max contribution limit for TFSA and are investing within TFSA say into etfs returning for simplicity reasons 10 percent . So 95k max contribution limit 10 percent . 9500 does that money earned count as a contribution toward the fallowing year. In other words does it need to be withdrawn in order to stay under max limit and not pay penalties ? Or is that 9500 rolled into the total and and can be re invested . Earning you more interest year after year .
Great job!
Thank you! 😊
Really informative video! Thank you for creating ❤
Thanks, Camila! So glad you liked it 😊
Hi Steph and Den, Great video ! Do you think you can make one on how to understand your quarterly mutual fund statement? What the numbers mean and the various graphs? Thank you !
Very informative ❤ Thanks
So glad it was helpful! 😊
Great video. I had a question, I'll try to explain it with a scenario. Person A and B are the same age and let's say at this year they both have never contributed anything and have an accumulated room of 50k. Person A deposits and invests the 50k in January and with some good investment his money has now grown to 60k in October. Person A decides to withdraw all the money (50k initial money + 10k gain).
It is now the next year and the government has added another 5k to the limit.
person B who has never contributed anything now has an accumulated limit of 55k. But what about person A? Does he now have 65k room? Did that 10k gain increased his contribution room as well? or out of the 60k he withdrawal, only the 50k is added back?
You guys are awesome. How did you get into all this?
12:44 ok so if I’m understanding this correctly: let’s say my contribution limit is 50k and I put 50k in, and then in one years time the stock I’m invested in turns that 50k into 500k, the following year I can still add in another $6k (let’s say 6k is the following years contribution limit) and it can still grow and grow and I won’t have any penalty’s from the CRA ?
Thank you for the lovely and informative video. I have a simple question.
Let's say that I am an international worker who obtained a Canadian SIN at the age of 25 (and I was not in Canada before). In that case, my total contribution room starts from when I obtained my SIN, not from when I turned 18. Is that so?
Thank you so much,
all the best
Excellent job on explaining TFSA. I have a $120,000 line of credit with bank, would it make sense for me to move that line of credit to my TFSA? Thanks
Great information 👍🏻
Thank you! 🙏🏿🙏🏻
Great video . just the thing i needed.
Question: If we put money in TFSA, will that money becomes itself tax free for that year ? or the tax free applies to any gain we will will get on that money?
For example if we put 5000$ in TFSA and gain 500$ and total amount becomes 5500$. Will the whole amount 5500$ is tax free or just 500$ is tax free?
Great video, super helpful! question: If I take a loss per your example $50k and it goes down to 10k and I take it out, how long would it take for me to be able to contribute 50k again?
That was a great video. I have a question. I'll be moving to Canada late this year. When I open my first TFSA, what will be my first year contribution limit? Would that be the maximum announced by the government for this year or will be able to use those $50,000 accumulated on these 30 something years?
How do you know? If your tax-free savings account is maxed how do you find these things out?
Great job. Just wondering how to use this account to buy stocks.
would I be better off investing US stocks/ETFs with my RRSP or TFSA ?
what are the pros and cons between opening up a TFSA with a bank or institution versus an online brokerage company/app?
New to your channel, great explanation but can you please explain that when you buy stock so for how long you have to hold it to not pay tax?
Hi, it' my first time watching a video of yours and I actually subscribed because you did a great job!
I have on question tho:
at minute 10:01, Dan explained that if my account grew from 50,000 to 55,000 and I withdrawal the 55,000, then I will loose room = 55,000, in that same calendar year.
However, I also know that "gains" do not take "room".
Saying that, in the same scenario, do I loose room of 50,000 or 55,000 knowing that the additional 5,000 are "gains"
Please advise.
Great content
Thank you! 😊
Do you recommend investing through a bank or an online broker?
I have a question ...so if I invest $50000 in January...and by August my investment doubles to $100000....do I still have room to contribute? and what happens if I withdraw $20000...making my total account value $80000...ok so maybe that's 2 questions
So if I invest my money in a tfsa GIC can I reinvest the money earned in another tfsa GIC without affecting my limit?
Wow, my daughter just turned 18 and she’s always broke 😂. I have to teach her money . Thank you👍
Haha! Hopefully this video is helpful 😊
Hello! Thank you for your amazing videos! :)
Question : let say I open and TFSA in one bank because there is a promotion, for 6 months. After six months, the first bank interest becomes low, but there is a second bank that has a new promotion. So I want to move my money from bank A TFSA account to a new bank B TFSA account. You said that if I take out my money, I will have to wait until the next yearly update so that this amount is adjusted in the CRA. Is moving money from one TFSA account to another counting as if I am taking out money from my maximum amount allowed? Is this counting as new money added?
Thanks :) keep going, you are doing a great job
if i make american dividends in my non registered account then move that dividends to my tfsa is that better than having that American dividend stock in my tfsa and taking that 15 percent withholding fee?
Hello! If you open a TFSA account in a bank, are there fees associated?
Question: My wife is Canadian and I just became PR and came to Canada. Neither of us have a TFSA at this point. Should we just open up one and max it out and then open a second one or should we open up two right away?
thoughts on holding index ETF's like VOO or VTI in the TFSA....is it better to buy the US listed version or the Canadian version?
Can International students (Study Permit) also do investment through TFSA?
Thanks for the info. Do we need to report anything annually to the CRA regarding the activity within the TFSA account?
No, you don’t need to report anything - your brokerage will do that for you if necessary 😊
Good starter video but mentioned nothing about withholding tax on us stocks/ETFs
Great video! But by investing inside the tfsa, would there be options in the account to invest inside? Because if I were to take advantage of the interest paid through a savings account and then I take it out and put it in a ttfsa, I would still pay tax to take out all that money, so what would be the benefit opening a ttfsa
Before you read this post. I want u to know that i love u both, and all i want is to see u succeed. 1st i want to say that your content is absolutely amazing and there's nothing wrong with it. However, if i may suggest; not every video has to be a topic. I think vloging, would really elevatate the channel (yes, the vlogs can focus on finance😁). it would be nice to see the things u do, the places you go, and how life is for both of u, just how u navigate life. Monday could be financial topics, wed could be a vlog.. i dont know. These are just my thoughts. To put it in a few words, this chanel will be big whether you vlog or not. But i definitely think it can grow faster right now. Anyway, keep up the good work!!
I agree!!
Hey Jeremy! Thanks for comment - we appreciate the suggestion! We're focused on topical videos right now, but are always changing up our strategy as we find what works best 😊
My main question is, if you decide to withdraw your 10,000 after losing 40,000. Is that 40,000 in contribution room lost permanently, or just for the next calendar year?
You’ve lost it permanently. It’s also a deterrent for anyone that wants to stock trade within this account because the TFSA is really for long term investing so you have to be careful on what you purchase inside of it.
@stephandden Oh, okay. Thank you 😊
This video is very informative, keep it up Step & Den
I would like to know, how can I buy crypto through a TFSA?
if you just became a permanent resident, do you still have your max limit starting from 2009, cumulating it to today or you can only start investing from the year you became a permanent resident?
Love the new profile picture!!😊
Thank you! Glad you noticed 😊
10:30
Let's say January 2021 you're capped at the contribution limit $50,000. And let's say the money grew to $55,000 by August and you take the money out. Also let's assume the next year's contribution limit is only an additional $4000 for a total of $54,000... Then would the amount you'd be able to re-contribute into the account in 2022 from that total amount be capped to $54,000? Since--as you say--the contribution limit doesn't increase with the income gains?
Are there any tools to tell how much contribution room is left?
Your CRA MyAccount tells you your left over contribution room once per year (in January) 😊
Amazing video
Thank you! 😊
THANK YOU!
thanks for this video! i'm trying to learn how to make my money work for me :)
Woo, glad you found it helpful! 😊
Thanks for the video. I am new resident and moved to Canada in 2023. Do I have the contribution room from the years I was >18 years old but not in Canada?
Great explanation! But I'm wondering... If I have a TFSA with my bank with 20k and that I transfert it to a regular account to be able to afterwards transfert it to my wealthsimple TFSA account will I loose contributions... What are the consequences please if there's any. Thank you and keep up the great work!!! 😁
You can create a account on wealthsimple and ask for a transfer directly tfsa to tfsa from the wealthsimple plateform indicating the info from your other account to not have problems with contribution room :)
@@1441ellie thank you so much! Keep up the great work! 😁