23 of the Most Asked TFSA Questions (Tax-Free Savings Account)
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- Опубликовано: 19 окт 2024
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Today we'll answer your questions about the TFSA (Tax-Free Savings Account). We'll cover contribution limits, withdrawals, moving abroad, and more!
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Great video buddy! I love the format with posting questions from the viewers and responding to them 😊
Glad you are so supportive🙌🏽🙌🏽🫶🏽🫶🏽. Thank you both for teaching me always
@@amaraeze3279 of course! I've been a HUGE fan of Brandon for many years and he was one of my biggest inspirations to start this channel in the first place! 🙌 And now I'm truly honoured to be close friends with both Brandon and his dad! 😊
What happens if deflation occurs like the great recession again, how would future contribution room look like, could we theoretically loose contribution room????
Great recap on the TFSA Brandon. Glad to see you. awesome video!!!
This is helpful, but could you do one for RRSP?
Have a question about provincial and federal personal limits. I’m 42 and retired. Could I theoretically withdraw within my personal limits and not get taxed?
Q1: I'm not sure if I am doing the right thing, but I add the equivalent amount to my RRSP to offset the tax I will have to pay on rental income I earn. In fact, I have been transferring stocks from TFSA into my RRSP to do that, but only things like DOL or DIS that need to be left alone, nothing that generates a high dividend or disbursement. I expect I will be able to organise the RRSP withdraw or conversion into a RRIF in later years, but I will let 'future rob' figure that out.
My question is kinda similar to one of the questions you covered but in reverse. If I have to withdraw money from my investment account, is it better to transfer it straight from my RRSP or should I transfer the money from my RRSP to my TFSA then withdraw what I need from there.
Great vid for starters like me
To add to blowing up your TFSA and losing your contribution room. The next year when you gain contribution room say you max it again and double your investment and pull out 100% of your TFSA. Do you get 100% of the contribution room back or old 50%?
You get the 100 percent, if you have 1mill in your tfsa and cash it all out the next year you get your 1million back and next year's 7k or whatever they set the increase to
I’m excited 😆 to watch the video
If you lived abroad on a working/holiday visa do you lose that contribution room? (I was gone for 5 years)
I posted this on blossom with no responses. Any help would be greatly appreciated!
Im a new investor of a little over a month. I've been actively learning as much as I can, but I've come across a question I can't seem to find on google or youtube.
My main holding for my TFSA is XEQT and a few mining stocks while I learn the ropes of buying individual shares of a company.
Obviously, my RRSP is long-term/ retirement, im 31 years of age and have roughly 34 years to go before retirement.
I am wondering if the best move is just XEQT in there as well, or to hold something else like VGRO.
Would I want to hold the same stocks in my RRSP/TFSA or have different long-term holds for each one.
Thank you for your input.
I would think that you would want questionable "volatile" stocks in a rrsp than a tfsa because you have a fixed cap on contribution room in your tfsa, if that stock becomes a dud your contribution room can't come back
This is an excellent video, man. Really informative and answers a lot of relevant points clearly about the TFSA to someone new to investing like me. I have a question though - I am a fairly new citizen to Canada (citizen 2024/ resident since 2019) does my contribution space start from my resident status or when I turned 18 (incidentally, 2009) cheers!
You need to make this video under 10 minutes and in part 2 you can do rest of the questions
How can I find the total contributions I have made through the years. Or how can I find how much more room of contribution I have left to max out. Is there a government site I can check.
CRA website but make sure it's a new calendar year to check because investment firms or banks put in your statements near the end of the year that's why it's best to wait till the new calendar 📅 year for a more accurate reading
Can you transfer investments into stocks from a taxable account into a tfsa without selling and rebuying the holding? (Provided that you have contribution room)
Be careful with this... yes, you can transfer funds in-kind, but if there are any gains on the shares you transfer, the CRA will treat them as realized, and you'll need to pay tax on that gain. If there is a loss.... well, CRA doesn't allow you to claim that loss. Generally, this would not be a good idea. If you're unsure, consult with your accountant before doing this.
Great video Brandon!
More like this please 😎👍
I have CDR in my TFSA and I don't pay the 15% tax on the dividends. The tax must be paid by the fund.
I believe fund deduct and pay you dividend.
8:50. designated stock exchange- that's more than just US and Canadian, it's pretty much any established exchange anywhere on the planet....right?
My Finance 🐐 good vid bro
Hi, If I have a TFSA account and then I move to another country. What will happen to my TFSA if I keep it open? Can I still contribute while outside of Canada? Or do I have to close it altogether? Thank you in advance.
You can still use your tfsa but you won't get any new contribution room for future years
Awesome thanks for the information about its good to refresh ❤
If I withdraw $150k from my TFSA, would I then be able to put $150k back in the following year, or just the total contribution room at the time (currently $95k).
If your current TSA is worth 150, if you remove it in this calendar year, yes, you can contribute the 150 next year along with the 7000 of new contribution room
Can you sell call options in a TFSA?
You technically can, but the nature of options trading means doing it multiple times a day. Have fun speaking with the CRA about it, especially if you profit.
Do you pay american tax selling american companies?
I'm not Canadian, but I'm intending to move to Canada. Will it apply to me?
You need a social insurance number first
How can I borrow against my tfsa?
If you want to borrow against your investment try a universal life policy
I would never recommend a margin account with day trading, it is basically luke using a credit card to day trade
What happens if someone dies? Who takes the money?
Whoever your beneficiary is, there is a way to add your spouse if you die that makes it so they get all your contribution room as well
Another fine video as usual ;-)
you picked your nose 30 seconds in. You couldn't stop and restart?
It’s a secret signal to the Banks and Market Makers that he’s got their message…
1990's woke.
Could have done without the nose picking! Ever heard of editing Dude? 😮
What is with the earrings dude! Those are for women
We’re here to learn about finance, not check Brandon out you goof
Bruh ?
Didn’t expect a Canadian to say this
Wealthsimple is great. With RBC, it has a $9 fee for every transaction. Awful
However, if I need liquidity right away, RBC takes a day to sell, then transfer to my account. Wealth simple can take 4-5