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About the Author: Richard Money

27 Comments

  1. 📈📚🇨🇦 Join The Investing Academy Today – https://bit.ly/theinvestingacademy

    How much do you know about the TFSA? Be sure to let me know down in the comment section below!! Also, I’m so excited to be speaking on stage at The Moneyshow Conference LIVE in Toronto this September. It would mean so much to me and my dad to have you guys come out and support!! We’ll have a booth to meet you all and take photos 🙂 Best of all… It’s COMPLETELY FREE to attend!!! There are so many talented speakers at the event and it will be a blast of a weekend so I hope to see you all there – https://conferences.moneyshow.com/moneyshow-toronto/speakers/adec2b68f2144b24ba2e06060e4f8348/brandon-beavis/?scode=056838

    1. Great video! QUESTION: If a contribute every week $125 cad and I invest it right away is it considered frequent trading? Should I better do it every month? Or what is your recommendation? Thanks

  2. Nice throw back video on the basics of TFSA investing. Love it Brando. I made the effort to name my spouse as the successor on my accounts. Questrade was very simple but found Wealthsimple a little tricky and had to contact customer support to help me out but got it done.

  3. Nice video Brandon, I like the white board video style, you should do more videos like this one ! TFSA is so underrated, young canadians must invest asap in it !

  4. ive been watching you for so long, i actually knew everything already… but i havent maxed out my TFSA. not there yet.
    thanks for the great videos Brandon.

  5. You got me. I did not know about “not naming spouse as sucessor holder”, thank you! Great topic, well presented!

  6. damn this is like your best video on the channel the effort that went into this really pays off! i transfered my tfsa to wealthsimple invest to wealthsimple trade a while ago, and one thing that really sucked was that WS invest tracked my contribution but since i asked for a cash transfer, when the money got on the WS Trade account, the tracking didn’t follow and so it started tracking at like $23,789 even though I had only contributed $18,000 so right now it’s a mess to figure out how much room I have left.

    I didn’t know what to do really, but after watching this video, I think the plan will be to sell everything and withdraw in december this year (if i’m in the green which might not be the case but we’ll see lol) and then contribute the right amount in january of the next year just to start fresh and so that it actually tracks my contributions.

  7. I think it’s worth pointing out a couple of things which I haven’t seen any Youtuber mention when they talk about TFSA:
    1. If you’re an immigrant, you only start accumulating contribution room on the year you become a tax resident of Canada. Not when you’re 18.
    2. In Quebec, you cannot designate a successor holder directly with your broker – you can only do so using a will.

  8. Thank you so much for your videos Brandon! They have helped me immensely in starting out with investing in Canada. As an immigrant who can’t turn to her parents and such to explain these things I sincerely appreciate what you do! Keep up the good work man

  9. I am thinking I want to move stocks in kind from rif to tfsa. Apparently you need to move to regular investment account first. I like this idea as then I don’t get forced to cash the stocks in rif account each year when required to withdraw yearly after 71.

  10. I am thinking I want to move stocks in kind from rif to tfsa. Apparently you need to move to regular investment account first. I like this idea as then I don’t get forced to cash the stocks in rif account each year when required to withdraw yearly after 71.

  11. Thanks to folks like you, I’ve been using the TFSA correctly and knew about all of the common mistakes. The last one is maybe the only one I’ve made. I’m in my 30’s now and only started putting money into my TFSA a little under two years ago. With a full contribution limit available to me and the limit expanding by $6000 a year, it can feel like the contribution cap is almost out of reach at least at my current income level. Not a bad problem to have I guess, I’ll take all the tax free gains I can get! Highlighting some of these mistakes though is a good refresher on why it is still important to track contributions. Great video, and may make the trek to the city see you guys in September!

  12. Watched and liked, thanks Brandon! Only one I wasn’t aware of was needing to be 19 in some provinces.

  13. Wow Brandon, these were so helpful!! Thank you for all of your videos. They’ve helped so much in my financial journey.

  14. I think it’s worth pointing out a couple of things which I haven’t seen any Youtuber mention when they talk about TFSA:
    1. If you’re an immigrant, you only start accumulating contribution room on the year you become a tax resident of Canada. Not when you’re 18.
    2. In Quebec, you cannot designate a successor holder directly with your broker – you can only do so using a will. Right now, derivatives trades are the only thing in my portfolio that is doing well and making me serious money.

  15. You can have a USD TFSA as well.
    At my brokerage platform I have both.
    You have to contribute to the Canadian side then transfer whatever funds you want over to USD.

  16. Thank you! One quick thought: if you want to only contribute the annual $6,000 to your TFSA (because you have used up all previous room), don’t contribute $250 biweekly as that will put you $500 over the limit. There are 26 pay periods if you are paid biweekly. Contribute $230.76 biweekly.

  17. I think even with the 15% withholding tax you still come out ahead. For example $100 US dividend minus 15 % is $85. Multiply by exchange rate 1.30 you still get $110.50 Canadian.

  18. Hi Brandon, I have been contributing to my TFSA minimally over the years then stopped for a couple years but that was before I stumbled across your channel and am learning how important it is to make full use of it. My question is, I am not sure the best way to figure out the exact TFSA contribution room I have. What do you suggest I do to find out the exact amount of room I have since I have been contributing sporadically over the years? This video was brilliant and you hammered home nuggets of gold 🙏

  19. Suuuper helpful. Me and my gf just started with TFSAs and mutual funds. Not gonna lie it’s super confusing for us but this helps a lot 👍

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