Im 42 and discover the tfsa only 2 years ago it such a good product for us Canadian. They have to teach basic finance at school so that kids can start puting money to tfsa at a early age !
I came across your channel through this video-case studies are incredibly valuable, and I'm eager to see more in the future! Building wealth involves establishing routines, like consistently setting aside funds at regular intervals for smart investments.
RUclips hasn't reccomended me one of your videos since the pandemic when I started investing! Your channel is by far one of the best for CANADIAN financial advice. You've helped me more than you'll ever know, I appreciate you. By the way your titles that pop out during the video seem to be clashing with the closed captions making it a nightmare to read lol.
Thanks for the video. One important thing I do is if I have to withdraw money from TFSA, I try to do it in last 2-3 months of the year. Its useful because we get that contribution room back on 1st Jan.
I turned 18 the same year the TFSA was introduced. I didn't fully understand how to use it until 10+ years later. Really upset that I didn't have prior exposure to this. Now I'm trying to play catch up to max out my contribution space!
Great advice. Don't be either too safe or too risky with your TFSA investing. It really should have been named Tax Free Investment Plan. I have been guilty of taking risky investments in the beginning just to see all gone. The problem is that the room is gone forever, and you don't even get the benefit of writing it off as a loss against other gains. It's funny how much better my RDSP has done as compared with my TFSA because of how I saw the account's purpose in the beginning.
I have dual citizenship. I opened my TFSA in 2009 and eventually I emigrated, I moved back to my country of origin. Even though I am not residing in Canada anymore I still keep my TFSA in a Canadian bank. I have never invested. I have only used my TFSA as a savings account. Can I start investing now with my TFSA from my country of origin? What rules apply to me as an emigrant?
my mistakes: ONE: Putting speculative stocks in my TFSA. All lost TFSA room if...WHEN.. they crash! On the other hand, if that one stock triples or more, well...then I was pretty smart! ;). TWO: not maxing it out...not really a mistake, just not able to do so! THREE: may not be a mistake but I think I should put US stuff in my RRSP, but the whole tax costs when I retire is a hard one to figure out. I have moved some things to my RSSP, but things that are more growth than dividend, since it will sit there for a decade or so. I want the dividend producers in my TFSA. Like, Disney and CP are in my RRSP. HMAX is not! just joined Blossom...pretty, pretty, pretty good!
This is where I am at as well with Dividends. My higher yield stuff, US or not, is in TFSA. Lower Yield Growth Oriented? All in RRSP because im going to be liquidating that into a RIF one day. I'd rather keep the income growing over time and everything left over into riskier, more growth oriented investments.
I got room in my tfsa for another 20k, i have 12k in hsa im saving it for house down payment, 1-2yrs out. Should i just put it in my tfsa and invest in etf? And Withdraw it next year? I will gain the contribution room again following year anyway right? What am i missing here?
I have a question. If you go over your TSFA contribution limit. Let's say by $1000. If i remove the extra $1000 for example by December 29th 2024. Will i be able to put the $1000 back in my TSFA by Jan 1st 2025? Thank you in advance!
Once you get the extra room on Jan 1st, you might not be in an overcontribution situation so the difference in penalties between Dec 29th and Jan 1st isn't that much If you had to sell an investment on Dec 29th and repurchased the same one Jan 1st, you didn't hold it 30 days and could be considered a trader Selling and buying also likely incurs commission fees and that's something not covered much in the video. You'd really want to avoid trading fees since it's automatically lost contribution room (compared to one with low-commission or no-fees) So I'd say if the difference is just 2 days just keep it
Over-contributions to TFSAs are subject to a 1% penalty tax per month (only on the over-contribution amount). For example, if by October you'd reached your contribution room and then over-contributed $2,000 the rest of the year and did nothing to correct the over-contribution, then you’d have to pay 1% of $2,000 for October, November, and December. That's $2,000 x 0.01 x 3, which means $60 in penalties.
I kind of want to pay off my house this month but I am not sure if I should suck some money out of my tfsa to do so or just used non registered funds which have about a 22% gain. From what I can tell I can recontribute to the tfsa but only up to the max. So if I have 150k but the max is 95k if I withdraw 150k I can only put 95k back in? Port sure my best plan is to take out the excess above 95k only so I can recontribute the whole amount back in in the new year by selling non registered then to defer the tax owing on that sale for almost 1.5 years?
If I withdraw $200k from my TFSA, can I put $200k back into to my TFSA in the next year without getting penalized (since the max lifetime contribution room is $95k)? Thanks!
I was using mine as a savings account for my down payment. I was just too scared to risk any amount of money, especially getting closer to such a big purchase. Now that I'm adding money back in again, it's my regret.
I’m a beneficiary to my common law spouses tfsa. The bank told him that if he dies there is still a way for me to become a successor after the fact. Is this true?
Your too old for video games? Didnt know there was an age limit! Im too old for crap advice. S and P 500 unless you have inside info. Thats all. Forget these nonsensical youtubers. Now back to my xbox...
Im 42 and discover the tfsa only 2 years ago it such a good product for us Canadian. They have to teach basic finance at school so that kids can start puting money to tfsa at a early age !
They never gonna teach in schools for a reason. Gov does not want people to retire earlier and stop paying good amount of taxes!
They don't teach it for a reason...
I came across your channel through this video-case studies are incredibly valuable, and I'm eager to see more in the future! Building wealth involves establishing routines, like consistently setting aside funds at regular intervals for smart investments.
RUclips hasn't reccomended me one of your videos since the pandemic when I started investing! Your channel is by far one of the best for CANADIAN financial advice. You've helped me more than you'll ever know, I appreciate you. By the way your titles that pop out during the video seem to be clashing with the closed captions making it a nightmare to read lol.
Thanks for the video. One important thing I do is if I have to withdraw money from TFSA, I try to do it in last 2-3 months of the year. Its useful because we get that contribution room back on 1st Jan.
I have to withdraw money from TFSA its my weekly job now. i require it
I turned 18 the same year the TFSA was introduced. I didn't fully understand how to use it until 10+ years later. Really upset that I didn't have prior exposure to this. Now I'm trying to play catch up to max out my contribution space!
Thanks for the revisit on the TFSA. great recap of your last video explaing the TFSA
Very knowledgeable person! Love your videos and find them very useful! Thank you!
Great advice. Don't be either too safe or too risky with your TFSA investing. It really should have been named Tax Free Investment Plan. I have been guilty of taking risky investments in the beginning just to see all gone. The problem is that the room is gone forever, and you don't even get the benefit of writing it off as a loss against other gains. It's funny how much better my RDSP has done as compared with my TFSA because of how I saw the account's purpose in the beginning.
Thanks for the heads up, I've joined Blossom.
Thank you for the information great video. Looks like I made a big mistake regarding TSFA.
After listening to this I've screwed up everything with my tfsa. 😐
Damn good think you’re not cooked yet
Dont tell me u have been using it as a savings account.
Loose the baseball cap
Says the guy with rat ears.
Lol ..@@beaviswealth
I have dual citizenship. I opened my TFSA in 2009 and eventually I emigrated, I moved back to my country of origin. Even though I am not residing in Canada anymore I still keep my TFSA in a Canadian bank.
I have never invested. I have only used my TFSA as a savings account. Can I start investing now with my TFSA from my country of origin? What rules apply to me as an emigrant?
Great video Brandon. Another mistake is putting speculative stocks in the tfsa. I made this mistake and lost all that room in my account.
Absolutely. Great point.
Love these vids! Question - if you sell a losing stock, what happens? Do you lose the contribution room? Or only if you withdrawal?
I have been telling people ever since 2009,use Tax Free Investment Account for INVESTMENTS,not savings!!
Great advice as always
Nice to see you on 😃✅ We were well taught 😁✅⭐️🥂
Love your videos!
Also don't use it as a trading account, CRA will tax you on that.
my mistakes: ONE: Putting speculative stocks in my TFSA. All lost TFSA room if...WHEN.. they crash! On the other hand, if that one stock triples or more, well...then I was pretty smart! ;). TWO: not maxing it out...not really a mistake, just not able to do so! THREE: may not be a mistake but I think I should put US stuff in my RRSP, but the whole tax costs when I retire is a hard one to figure out. I have moved some things to my RSSP, but things that are more growth than dividend, since it will sit there for a decade or so. I want the dividend producers in my TFSA. Like, Disney and CP are in my RRSP. HMAX is not! just joined Blossom...pretty, pretty, pretty good!
This is where I am at as well with Dividends. My higher yield stuff, US or not, is in TFSA. Lower Yield Growth Oriented? All in RRSP because im going to be liquidating that into a RIF one day. I'd rather keep the income growing over time and everything left over into riskier, more growth oriented investments.
Do not take money out,let it grow and compound tax free,sorry not even for a house mr. Beavis!
Can you plz suggest good stocks to buy ? New to tfsa .thanks
i'm a more aggressive investor with my RRSP than a TFSA ! this is a big psychological mistake! ......most people consider a TFSA like a safe park
Are dividends from CDR stocks taxed with US withholding taxes in a tfsa?
I am currently in canada but I am thinking to move USA. Do I need to open my TFSA?
what about high yield savings account in tfsa as emergency fund?
I got room in my tfsa for another 20k, i have 12k in hsa im saving it for house down payment, 1-2yrs out. Should i just put it in my tfsa and invest in etf? And Withdraw it next year? I will gain the contribution room again following year anyway right? What am i missing here?
I have a question. If you go over your TSFA contribution limit. Let's say by $1000. If i remove the extra $1000 for example by December 29th 2024. Will i be able to put the $1000 back in my TSFA by Jan 1st 2025? Thank you in advance!
You can put it back in when you get more contribution room, so yes after Jan 1 2025 you would have $7000 more contribution room for 2025.
Once you get the extra room on Jan 1st, you might not be in an overcontribution situation so the difference in penalties between Dec 29th and Jan 1st isn't that much
If you had to sell an investment on Dec 29th and repurchased the same one Jan 1st, you didn't hold it 30 days and could be considered a trader
Selling and buying also likely incurs commission fees and that's something not covered much in the video. You'd really want to avoid trading fees since it's automatically lost contribution room (compared to one with low-commission or no-fees)
So I'd say if the difference is just 2 days just keep it
Over-contributions to TFSAs are subject to a 1% penalty tax per month (only on the over-contribution amount). For example, if by October you'd reached your contribution room and then over-contributed $2,000 the rest of the year and did nothing to correct the over-contribution, then you’d have to pay 1% of $2,000 for October, November, and December. That's $2,000 x 0.01 x 3, which means $60 in penalties.
I kind of want to pay off my house this month but I am not sure if I should suck some money out of my tfsa to do so or just used non registered funds which have about a 22% gain. From what I can tell I can recontribute to the tfsa but only up to the max. So if I have 150k but the max is 95k if I withdraw 150k I can only put 95k back in? Port sure my best plan is to take out the excess above 95k only so I can recontribute the whole amount back in in the new year by selling non registered then to defer the tax owing on that sale for almost 1.5 years?
appreciate the league of legends picture.
If I withdraw $200k from my TFSA, can I put $200k back into to my TFSA in the next year without getting penalized (since the max lifetime contribution room is $95k)? Thanks!
Yes. As you mention, you have to wait until at least the beginning of the following year.
I was using mine as a savings account for my down payment. I was just too scared to risk any amount of money, especially getting closer to such a big purchase. Now that I'm adding money back in again, it's my regret.
No kidding,dont be a Beavis,oh i mean a Dufus.
you stops talking about stocks anymore?
can a successor holder be anyone? and does that interfere with that person's own tfsa maximum?
I'm curious too. Children quallify ?
I believe it must be a spouse.
@@neolithic3 Thankyou. :)
Has to be a spouse or common law partner only,it rolls over to u and does not affect your contribution Rm.
I’m a beneficiary to my common law spouses tfsa. The bank told him that if he dies there is still a way for me to become a successor after the fact. Is this true?
Can I put a us dividend paying stock in the FHSA and is it subject to the 15% withholding tax?
No, only in Rrsp.
Another one is: Dont start your TFSA. Remember: The best day to invest was yesterday. The second best is Today.
First (useless) comment!!
Your too old for video games? Didnt know there was an age limit! Im too old for crap advice. S and P 500 unless you have inside info. Thats all. Forget these nonsensical youtubers. Now back to my xbox...
When he said .I used my TFIA,(TAX FREE INVESTMENT ACCOUNT),for my down payment,thats all i needed to hear,i think i will pass on dumb shit like that.