How to Invest in a TFSA in 2024 - Investing for Beginners

In today's video, we cover the 2024 TFSA contribution limit and how you can use the Tax-Free Savings Account to grow your wealth. Enjoy! 📈 🇨🇦 Get up to $1,550 Signup Bonus on Moomoo (Stock Broker): j.moomoo.com/00Cwm8
► FREE Stock Investing Course (Previously $200): skl.sh/3ODk1tN
In today's video, we dive into an update of my Wealthsimple Invest Portfolio (Low-Cost ETFs), set on a risk tolerance of 10/10 for long-term growth. How has this portfolio held up? Enjoy!
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Personal Finance, Money, Entrepreneurship, Investing, finance 101, make more money, financial literacy, stock crash
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[@GriffinMilks]

2023 TFSA contribution room & more! ► FREE Stock Investing Course (Previously $200): skl.sh/3ODk1tN 📈 🇨🇦 Get up to $1,550 Signup Bonus on Moomoo (Stock Broker): j.moomoo.com/00Cwm8 -Griffin

[@douglasturner7882]

I've come to realize as an investor that instead of letting my money sit idle in my savings account it is more productive to invest the little available and build a portfolio from the accumulated profit of investment

[@douglasturner7882]

@Cynthia A. Coleman Investing in crypto market with the aid of a professional expert or experienced trader is a very good passive streams of income

[@douglasturner7882]

My greatest happiness is the $134,000 bimonthly I get consistently with my $5,000 all thanks to Mrs Rachel Ann

[@dorothybailey3048]

@@douglasturner7882 after watching so many KZbin tutorial videos about trading I was still making losses until Mrs Rachel ann started managing my investments now I make $105,675 weekly God bless Mrs Ann she's been a blessing to my family

[@josephtownley7839]

@@dorothybailey3048 Same here with my current profit of $159.000 made from my investment with Mrs Rachel ann's trading platform I'm totally convinced she's the best trading broker I have worked with and her strategies are so easy to adapt she's such a blessing to

[@jamesshaver2247]

Talking about making profit, it's preferable to trade crypto under Exp. Rachel Ann dorman for the past 6 months she has enabled me diversify my crypto wallet with the profit have made trading through her, I now have over 14 different coins which hold long term, with the least coin having a value of $105,300.

[@SnowToadStudios]

For anyone looking to invest online based on KZbinrs advice, please please please don't force your hand. Nothing against Griffin, but back in 2021 I invested in three individual stocks that were all recommended by him on this channel. Each one has been rock bottom for the past 6 months, going down at least 70% in value. It's easy to fall victim to these well made videos when everything's so crystal clear on the screen, but I'm actuality you need to assess your finances first and consider what if you lost 50, 70, 90% of your investment. I think Griffins videos are good and informative, just a precaution for others.

[@moneybasics7750]

Regardless of what you see or learn you SHOULD ALWAYS do your own research. This isn't anyone's fault but your own. Also keep in mind we're in a market downturn..if you invested with money you need that's on you brother.

[@Joeah89]

You're right, taking a youtubers advice 100% for your research is a bad idea. That being said we've been in a bear market for almost a year now so everything is pretty much down.. alot. Don't invest money you need within 3-5 years at the very least and even then some companies just fail. Best of luck.

[@billsettle8338]

...You Tube isnt the place for the latest hot stock tip ??

[@GunakillyaOG]

​@@billsettle8338 lol so its a good idea i set up an appointment with an advisor at my bank then eh? I'm just looking for a place to put my small investment to make it do the most for me.

[@ramangoyal123]

Hi Griffin, I think you got confused permanent resident with tax resident. I think newcomers in Canada become tax residents in Canada the year they start or work here, it is totally different from Permanent Resident in Canada that you kept mentioning in your video.

[@rutvijpatel96]

I have the same doubt brother.

[@tirthpatel9321]

True, you don't need to be PR to open TFSA. any kinda SIN number is enough to open TFSA.

[@rwxox]

Thank you for speaking to me like I’m stupid because I really am with this topic 😂

[@GriffinMilks]

Lol, glad it was helpful!

[@sankalpsingh5737]

Hi Griffin....Thanks for a great video. :) However, I have a question. I see you mentioning that the cumulative room for TFSA starts only when one becomes a Permanent Resident. In my case, I came to Canada in Aug 2018 (was in Canada first on Study Permit and later on Work Permit) and became Permanent Resident in Sep 2022. But, my bank opened my TFSA account with them in July 2022. Can you please explain me how does this work? Also, what will be my contribution room, please? Thanks again.

[@singingturmeric4988]

THank you for making it simpler to understand especially for immigrants. I have been here for 20 years and still don't know many things

[@GriffinMilks]

It;s my pleasure!

[@lookingforwardto]

This is the best video in TFSA i ever watched in youtube interms of info, clearity, pronunciation. Thanks for nice video.

[@GriffinMilks]

That's fantastic to hear, thank you!

[@lisawood3910]

This is great info thank you! One thing I find confusing about investing through my TFSA account is what happens if I sell a stock? The money I get from selling that stock goes back into my TFSA, does that money then count towards my total allowed contribution? Also, I went with Questrade, which means I need to transfer the money from the TFSA I have with them into my regular account at my bank if I want to spend that money. Does that then make any profits taxable once they go into my regular chequings?

[@tokertalk9648]

Yes the money goes right back into your TFSA account just as dividends would. Earnings or losses do not affect your TFSA limit. Only contributions and withdrawls effect your TFSA limit. If you take money out of your TFSA, you retain that contribution room again in the next calendar year.

[@lisawood3910]

@@tokertalk9648 thank you!

[@anujmuzik]

Hey Great Video! I have a question, I am an Immigrant & moved to Canada In 2021 and I am not a 'Permanent Resident' as per my immigration status, I am on my work permit. My CRA account shows me my TFSA contribution limit is around $25000, is that wrong?

[@emporergrimes]

Lets say you invest $6k and hit the max. Can you freely sell and buy stock in the TFSA or is it that everytime you sell counts as used up for the next year? And if you buy using cash that sold to rebuy count as newly added?

[@GriffinMilks]

That’s fine, as long as you’re not contributing more to the TFSA

[@visopaint-6300]

Hey man. If I turned 18 in 2021 and it’s 2023 now and I turn 20 in April , does that mean my max investment is 18,500? 2021, 2022 and 2023 added up?

[@GriffinMilks]

Yes

[@nz00783]

Hey Griffin. Thank you for the video i learned a lot. I became a permanent resident last year but on my cra account it says that my 2023 contribution room is 78000$ (I’m 30 years old). Is that a mistake from their side ?

[@GriffinMilks]

It’s from the year you become a resident, not only permanent. So it may be accurate.

[@mathettegabo6994]

Hi Sir @GriffinMilks, I hope you are doing well. I just arrived in Canada last August 31, 2023 as student permit holder. My friend told me about the wealth simple, and I'm interested in it since then. I started my my wealth simple journey on Oct 29. I don't have enough knowledge about wealth simple if student is allowed to have TSFA account, appreciate your input pls. Thank you.

[@GriffinMilks]

You should be able to open a TFSA yes. So long as you have a valid SIN

[@mainfinance]

Can a Canadian invest 100% of their TFSA portfolio on US stocks only? Is that allowed?

[@GriffinMilks]

Yes it is

[@irene-nz9ew]

So if I have SIN but I am not yet a permanent resident I can not invest in Canada?

[@GriffinMilks]

You're good to go if you have SIN and are resident

[@Faraz70]

Can we have a money market fund in TFSA?

[@GriffinMilks]

Depending on the fund, yes

[@K4lr0b]

Not true about the permanent resident thing, you just need to be deemed a Canadian resident for tax purposes. That is at the 6 month mark of living here.

[@GriffinMilks]

Yes you're correct, I clarified in the pinned comment. Thanks for watching!

[@m_m_m_m_m_m_m_m_m_m_m]

You mixed permanent resident with tax resident. Even a Canadian who leaves Canada for a certain amount of time (more than 6 months, I think) won't be a tax resident. Also, temporary residents can get a SIN also.

[@GriffinMilks]

Yes I did, you're right. I had corrected it in the pinned comment. Thanks for watching!

[@g.u.6897]

Are there not rules about having U.S. stocks in your TFSA account?

[@GriffinMilks]

No

[@ayyappasamysudalaiyadumper8342]

Wrong info brother on permanent resident aspect. Please edit or put a claimer in the comments.

[@GriffinMilks]

Yes you're correct, I had clarified in the pinned comment. Thanks for watching!

[@RoseSmith-v7g]

As part of my retirement plans and also owing to the very shaky housing market now, I just sold a property in Philly and I'm thinking to put the cash in stocks, I know everyone is saying its ripe enough, but Is this a good time to buy stocks? How long until a full recovery? How are other people in the same market raking in over $200k gains in months, I'm really just confused at this point.

[@YinusaSaheed]

Yes, a good number of folks are raking in huge 6 figure gains in this downtrend, but such strategies are mostly successfully executed by folks with in depth market knowledge, And it also all depends on how long you're willing to hold for, stocks might likely tank further, but making serious gains in this downtrend wouldn't be a problem if you're a pro.

[@FlorentGulliver]

@@YinusaSaheed That's impressive, my portfolio have been tanking all year, tried learning new strategies to gain in the current market but all of that flew right over head, please would you mind suggesting the adviser you're using ?

[@EleanorMabel]

@@FlorentGulliver Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.

[@AshRektum]

insane amount of bots in these comments

[@terryevp4084]

Hello Griffin. Thanks very much. Are we allowed to Open US $ TFSA's in Canada ? Thanks

[@GriffinMilks]

Hi Terry, yes, there are USD TFSA accounts that you can open in Canada. Check TD or RBC

[@robinreji12]

Incorrect information regarding contribution room. Even an international student or a work permit holder who has a valid SIN and is a resident of Canada is eligible for TFSA. One doesn't need to be a permanent resident.

[@GriffinMilks]

Hi Robin, you're correct. I said permanent resident and with a valid SIN. I meant to say resident for tax purposes. Thanks for clarifying!

[@carloslinan88]

@@GriffinMilks I’m sorry but your info is wrong. You should either correct it or take it out.

[@arthurz8582]

@@carloslinan88 Exactly. Don't have to be a permanent resident.

[@anchitnagwekar4356]

It's not necessary to be a permanent resident in order to open a TFSA.. you have to be a resident for tax purposes and have a valid SIN in order to be eligible..

[@GriffinMilks]

Hey Anchit, thanks for commenting. You're correct, you can be a non-reisdent to OPEN and maintain your TFSA. However, for cumulative contribution amounts, you have to be a resident for tax purposes to gain that year's contribution room. Otherwise, you don't accumulate that year's contribution & are subject to a 1% monthly tax on your amount deposited. See here: www.canada.ca/en/revenue-agency/services/forms-publications/publications/rc4466/tax-free-savings-account-tfsa-guide-individuals.html www.canada.ca/en/revenue-agency/services/tax/international-non-residents/individuals-leaving-entering-canada-non-residents/leaving-canada-emigrants.html

[@hustler2246]

@@GriffinMilks 1% monthly penalty is applicable to everyone who contribute more than the contribution room, and not just non-permanent residents. You should probably correct your video, so that newbies (for which this video is intended) are not misguided.

[@GriffinMilks]

Yea that's also true and I'm happy we're discussing this so that is hopefully helps people out. What I mean though is that in the context of someone who isn't a tax-resident for a given year, they don't accumulate that contribution room. So if they do end up contributing thinking they have that room, they will be paying a penalty. Hope that clears things up

[@andre-diniz]

Hi! I think the confusion here is around the term “permanent”. In fact you don’t need to be a permanent resident to expand your contribution room, you just need to be a “resident for tax purposes”, and that includes temporary residents, like international students. Great video tho, this is the kind of information all immigrants should have access to as soon as they arrive in Canada.

[@Beetleface5]

Every griffin video has these bots in the comments

[@GriffinMilks]

Yea it's really frustrating. More bot/fake comments than real ones!