#1 TFSA Mistake Canadians are making

[@Jaylewis519]

Hey, great content! Can you do a video comparing various banks and online platforms that offer TFSAs and RRSPs ?? Would be really helpful and gather lots of views! 👍👍👍

[@iHeartPinacolada]

This is such useful information thank you so much for making these videos and channel. You are helping a lot of people figure out their finances! I hope you keep doing this successfully and spreading this information so more people can become financially aware and this ridiculous tax game becomes more fair or at least people will be aware of being taken advantage of so much with taxes!

[@TwainRyanLee]

Thanks so much, this is what I love to hear!

[@D33Lux]

Which financial institutions offer the best interest rate returns.

[@879PC]

Just do your own research on that. It's easily available online.

[@cruisecrazy7066]

That day trader sure knew his business. I want him to handle my investments. I don't mind paying the tax.

[@Kona138]

Heck yeah! Paying taxes on 600K is a good problem to have!

[@DamilolaMichael-eu9nx]

Word😂

[@Jeffnvz]

@@Kona138 Sweat problem

[@Skankhunt42vmmf]

Crypto ETFs are allowed in TFSA

[@johnp1]

Good video. Very informative. Subscribed.

[@JohnHobbs-o3z]

#1 mistake,using it as a savings acc. #2 If u are using it as a trading acc. what can i say ,not the brightest bulb out there.Just invest it and forget it,enough said.

[@rhumball]

thank you, your videos are very informative

[@TwainRyanLee]

Thanks glad it was helpful

[@Steven-nz3rv]

I hate how the government finds anyway to tax us when we're the ones taking the risks BUT when we lose money, there's no one there to help us. There are capital lost, but the amount you can claim is so limited

[@edwinskwok]

How abut crypto etf?

[@glitzy4895]

great video. thank u one ? though. what about if my husband names me as his TFSA successor, but if i die before him, what will happen to his TFSA? and who will get it after he died.

[@Jeffnvz]

TFSA successor can only be spouse. If he doesn't get one after you and naming the successor of you the successor of his TFSA, it will become inheritance and has to be closed out.

[@yuriri-1]

If you have 60k total contribution room from previous years for example and you withdrew 10k from tfsa this year, you still safe to put 50k into it right? Or there is a limit every year how much you can contribute and withdraw in a year total? This part always makes me confused. Or if you don’t withdraw anything can you put 60k all at once? Thank you

[@TwainRyanLee]

Assuming you didn’t contribute anything throughout the year, you can still contribute $60k even after withdrawing $10k. The withdrawal only affects the contribution room for next year, so you would get the annual increase + the extra $10k in contribution room

[@yuriri-1]

@@TwainRyanLee Thank you! That makes sense finally

[@DoBetterEachDay]

For the sake of which account to store an emergency fund in, which would be better, a HISA or a HISA ETF?

[@TwainRyanLee]

Both are fine but just be mindful that HISA ETF is not as liquid

[@HariSeldonIsBack]

The biggest mistake is assuming that you need to buy a TFSA product from your bank, which invariably gives mediocre returns. I buy and hold tech stocks that I've closely researched and am very happy that I did so inside a TFSA so that I won't have capital gains tax.

[@willmcguire2454]

can you deduct the interest you pay on say your HLOC if you use it to put into the TFSA and then invest?

[@willmcguire2454]

never mind, sounded too good to be true and it is. TFSAs don't count...

[@JonandEva]

You can hold crypto ETFs in a TFSA can't you?

[@Skankhunt42vmmf]

Yes

[@GloRida252]

I lost cash invested in weed stocks, is the loss tax deductible? TFSA Ontario

[@TwainRyanLee]

You can only claim capital loss with non-registered accounts, so you’re not able to with TFSA unfortunately

[@GloRida252]

@ Thanks

[@GloRida252]

@ I’m in the weeds here in Ontario as I haven’t filed my taxes for 5 years

[@Skankhunt42vmmf]

Contribution room in TFSA can be regrown by investing in things that earn money, just like you lost in by investing in things that lost money

[@good2go4]

If I invested on Bitcoin ETF and Etherium ETF its ok?

[@TwainRyanLee]

I would avoid having a high concentration in speculative investments like crypto ETFs, especially in TFSA since any losses will also shrink your TFSA room

[@good2go4]

@TwainRyanLee well i bought BTC etf when BTC was 16k so what you just said dont worry me... but the other thing you said about crypto worry me but they are etf so i guess its ok to have it in the tfsa... or maybe im wrong and the governement dont want us to make money after all

[@good2go4]

Where can we look at our contribution room?

[@dhirajdedhia8096]

CRA website under your account. Also available on your last Notice of assessment from CRA

[@TwainRyanLee]

Dhiraj is right!

[@JohnHobbs-o3z]

Not true,u get your spouses TFSA,but only your contribution Rm.

[@KV-fv4fs]

If I have my wife as the beneficiary, can I still change that to successor holder?

[@jipsonbabu3362]

Yes you can

[@TwainRyanLee]

Yes!

[@mehmetaksoy2431]

Awesome.

[@TwainRyanLee]

Thanks!

[@TroyQwert]

This is Greek to me. I prefer making #1 mistake instead of making #2, 3, 4, 5 and 6 mistakes.

[@gordonpi8674]

A smart kid, all good points! Just it’s “especially “, not “expecially”!😊

[@maggssantana6879]

Really?