How to Invest in a TFSA in 2024 (NEW $7,000 LIMIT) - 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
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[@GriffinMilks]

Will you be maxing out your 2024 TFSA contribution room? ► My FREE Stock Market Investing Course (Previously $200): skl.sh/3ODk1tN 📈 🇨🇦 Get up to $1,550 Signup Bonus on Moomoo (Stock Broker): j.moomoo.com/00Cwm8 -Griffin

[@ImranAhmed-ku4yo]

the Milk man delivers with dedication as usual. thanks Griffin. a question, if i invest in a stock or etf in the S&P for example, do we have a time cap as when we can sell? i was always under the impression it has to be over a year before we can sell anything on a tfsa account.

[@BrodyKrajcik]

So fast and so informative

[@GriffinMilks]

Glad you think so!

[@rupykaur3370]

I moved in September 2023.. Am I allowed to put money in a TFSA account ? If yes then how much?

[@EElia-bj9tp]

Hey Griffin, thank you for this helpful video. I'm unfamiliar with this subject and have a query. If I deposit $10,000 into my TFSA and leave it untouched, will I accrue capital gains on this amount after a year? If not, in the event that I opt to invest the $10,000, where and how would be the recommended way to invest it? Put differently, how can I utilize the funds I've deposited into my TFSA account? Providing an example would be greatly appreciated.

[@GriffinMilks]

The TFSA allows you to buy investments like stocks ETFs and other financial securities.

[@antonlysenko2070]

Griffin, can you please clarify 6-month spending in Canada, you mentioned for newcomers to Canada. If I became a resident in November 2022, can I have a contribution room for 2022 or not? I haven't seen this information anywhere before. Thank you.

[@GriffinMilks]

Not 100% sure. I believe you may if you were issued a SIN, but I’d check by looking at your MyCRA account. The 6 months is regarding residency

[@michaelmurray2833]

TFSA 2024 contribution room total is 95,000$. but lets say my 95K grew to be 140K. if I withdrawal 140K from my TFSA in 2024. On January 1, 2025 do I get back 140,000$ in contribution room, or only 95,000 of contribution room? this would make profits tax free, but taking them out destroys effective future tax free contribution room. Thanks

[@Okanaganguy2021]

Dividend withdrawals do you have to put them back in the next year to gain that contribution room? or can dividend withdrawal be carried forward?

[@GriffinMilks]

It can be carried forward as long as you didn’t withdraw a loss. Hope this helps.

[@sshivamtrivedi5631]

Thanks for the video. Really appreciate it. Does the selling of stocks affect the TFSA or RRSP contribution room but don't take the money out of it and instead let it sit there as available cash? I couldn't find this info anywhere as to what happens to the contribution room in that case.

[@GriffinMilks]

If you don't withdraw it, it doesn't affect the contribution room, no

[@sshivamtrivedi5631]

Yay! Thanks for your reply. Happy New year 🎉

[@rupakkadian3252]

Just maxed out my fhsa for the year. Not touching tfsa until next year. Goodluck everyone 😁

[@GriffinMilks]

Thanks for watching!

[@SIRMusik-gb1xc]

Can someone explain like I’m 5, or like I’m dumb (cause I am 😂) what is meant by holding investments in a TFSA. I thought I can only put cash in like a savings. I just learned there are three types of TFSA. Is it that I go into a bank or financial institution and ask for a tfsa that I can also put investments in? So confused

[@Saywhat1_20]

If I have stocks and I sell them do I still need to pay capital gains or can I put the capital gain amount in the TFSA. Assuming I have 85 k in contribution room.

[@GriffinMilks]

If the capital gain was from an account outside of your TFSa, then yes, you'd have to pay tax on that gain. If it was inside of a TFSA, no tax to be paid

[@lookingforwardto]

Griffin, Contribution limit 7k cad, should be deposited once or monthly?

[@GriffinMilks]

You can make any amount of small deposits you’d like up to $7,000

[@emporergrimes]

I cant figure it out. lets say you sell a stock in a tfsa and rebuy another stock. Does that stock purchase count as a contribution?

[@GriffinMilks]

No that would not count as a reconteibution

[@gianthills]

Hi Griffin, not sure I'm understanding this. I thought the way it works is that I would buy stocks with the money in my TFSA account and when I make interest on the stock, that amount goes into my TFSA. Is that correct?

[@GriffinMilks]

you make contributions to the TFSA, and then growth and dividends are exempt from tax.

[@gianthills]

@@GriffinMilks thanks!

[@carloslinan88]

Griffin you are giving wrong information again in regards to immigrant’s contribution. The TFSA limit does not apply to when you become a resident but rather when you first landed in Canada w/a valid visa. In my case, I came to Canada back ins 2015 with a valid Visa but only became a resident on 2019, so my TFSA limit started counting from 2015 up.

[@GriffinMilks]

Hey Carlos, thanks for watching and commenting! I didn’t say « permanent » resident, rather just a resident. When you received your visa, you became a resident, as you spent more than 6 months of the year in canada. This is pulled directly from the GOC ‘s website: « …The TFSA dollar limit for the particular year if, at some point in that year, the individual is at least 18 years of age and a resident of Canada. » Thanks for watching!

[@carloslinan88]

@@GriffinMilksok, that’s fair. It’s just that whenever we immigrants say residency we link that to the Permanent Residency. You are correct! Thank you for the reply

[@pallavii2323]

Should i open tfsa now or wait for 2024 to open it? Is it gonna affect my tfsa room?

[@GriffinMilks]

You can open it at any time. That wont affect your contribution room

[@lookingforwardto]

How to open a tfsa? I have a saving account after landing in canada.

[@GriffinMilks]

You can open a TFSA with most financial institutions and brokerages. Check the links in my video's description to open a TFSA and get some free money for doing so. Thanks for watching!

[@youssefahmed7576]

Hey, GREAT VIDEO, can I start contributing now for 2024 or do I have to wait for January 2024?

[@GriffinMilks]

You’ll have to wait until 2024. Thank you for watching!

[@youssefahmed7576]

okay, sounds good, do you know what the penalty is if i sart this month instead of january 2024? @@GriffinMilks

[@patrickl.2761]

Why do you have to wait ? Wouldnt you just pay 70 in taxes for doing it before the Jan 1 then nothing starting in Jan ?@@GriffinMilks

[@vicgill1980]

I was in Ottawa area but didn’t see you. Maybe next time. I hope the next prime minister raises tfsa to $10k per year

[@GriffinMilks]

Doubt JT would be doing that lol

[@mainfinance]

Are Canadian citizens allowed to hold 100% of their portfolio in US stocks? (with a tfsa account)

[@GriffinMilks]

Yes.

[@bobsilver3983]

Don't forget to buy and hold physical Silver as the solar industry is eating it up...and now they want to 5x solar...not enough silver for this....silver is going to do very well.

[@GriffinMilks]

Thanks for watching Bob!

[@gianthills]

so when the heck is it going to go higher?

[@bobsilver3983]

We need to see shortages...maybe 2 years. Mexico just announced they may be running out of silver deposits...and they are the top producer of silver! Plus TopCon is going to 5 times increase solar production for the COP28 Green summit agreement. Just wait for the shortages, because they are going to happen. I just bought 11 more ounces of silver today.@@gianthills

[@abhisinghthakurinspiration3252]

please make in hindi already have english channels

[@GriffinMilks]

I dont speak hindi

[@throughtheendlessinertia1915]

Let’s go Canada 🇨🇦🇨🇦

[@GriffinMilks]

Thanks for watching!

[@Ninja79852]

Buy LIF.T0 huge dividend. Plus stock expected to go to $45