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In this video I'll cover a few of my individual finest practices and tips to do with your TFSA (Tax-Free Cost Savings Account) and notably, cover some of the top MISTAKES to prevent!
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First (useless) comment!!
After listening to this I’ve screwed up everything with my tfsa. 😐
Damn good think you’re not cooked yet
You will be fine friend.
Dont tell me u have been using it as a savings account.
Loose the baseball cap
Says the guy with rat ears.
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.
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.
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…
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?
Nice to see you on 😃✅ We were well taught 😁✅⭐️🥂
Can I put a us dividend paying stock in the FHSA and is it subject to the 15% withholding tax?
No, only in Rrsp.
Hello fellow kids
Another one is: Dont start your TFSA. Remember: The best day to invest was yesterday. The second best is Today.
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.
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
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 been telling people ever since 2009,use Tax Free Investment Account for INVESTMENTS,not savings!!
Do not take money out,let it grow and compound tax free,sorry not even for a house mr. Beavis!
you stops talking about stocks anymore?
Also don’t use it as a trading account, CRA will tax you on that.
Thanks for the heads up, I’ve joined Blossom.
Thanks for the revisit on the TFSA. great recap of your last video explaing the TFSA
Great advice as always