Have been enjoying your videos very much and appreciate the clear info on these topics. One thing that stuck out in this one is at the end when you say there are no implications in withdrawing money from a TFSA. This is essentially true but leaves out the effect on contribution room in the year that the withdrawal is made.
@wellbuiltwealth7 ай бұрын
Thank you! And you are totally correct!!
@laed3520 Жыл бұрын
CRA & My Service Canada are much easier to get into now because they allow you to use your banking credentials to log in and MFA makes it very safe. I log into both services regularly and I find it getting better and better each year.
@TripleDeano Жыл бұрын
I suggest not relying on their info. They rely on reporting which may be slow. Account for your own transactions to avoid 1% penalty per month
@turtluv2000 Жыл бұрын
Excellent presentation. You've told me all/most of this but I always appreciate a review. "Pull the band-aid off..." 🤪 Oh ya. I gotta do that every time I log in to CRA.
@ParallelWealth Жыл бұрын
Well done Rhys. Good to see you posting videos again!
@wellbuiltwealth Жыл бұрын
Oh buddy! You are fast! Thanks for all your guidance on this. I really am quite fond of you.
@gordjennings8743 Жыл бұрын
I appreciate your clear and concise explanations! Easy to understand and follow.
@wellbuiltwealth Жыл бұрын
Thank you, Gord!
@TripleDeano Жыл бұрын
Biggie for me is that u can remove principle and gains, and that is added to your contribution room for next tax year. So it could get to a million 🙂
@johnczaia9124 Жыл бұрын
THANK YOU for explaining this so concisely! So glad I found this amazing channel!
@wellbuiltwealth Жыл бұрын
And thank you!!
@lyndaburton8889 Жыл бұрын
Very interesting, you look after me very well. This video highlights this. Very helpful, nice plain English.
@wellbuiltwealth Жыл бұрын
Thank you! 😃
@Violetcupkace2 ай бұрын
Great content and explanation ❤
@clairegermann9217 Жыл бұрын
I'm new to the channel and really enjoying your content as it's broken down in an easy to understand format. I'm a Canadian that's been living abroad since 2020 so my husband and I are classified as non-residents in Canada. We have LIRA, RRSP and TFSAs with Questrade and although it's not ideal contributing to the RRSP when we aren't making income in Canada, I believe that's really our only option (so long as there's RRSP contribution room). I don't believe we're allowed to contribute to a TFSA as a non-resident and a LIRA would also be off the table.
@wellbuiltwealth Жыл бұрын
Thank you, Claire :) Living abroad definitely complicates what you can do with your Canadian registered accounts. No doubt. Here’s a solid article from RBC that can help you navigate it: ca.rbcwealthmanagement.com/delegate/services/file/124406/content
@LnBK52 Жыл бұрын
you made it very easy to understand! thanks
@MiguelFernando Жыл бұрын
Awesome explainer Rhys!
@wellbuiltwealth Жыл бұрын
Hey, thanks!
@w30724 ай бұрын
thank you
@Thegamerscorner Жыл бұрын
Great video,
@krs218 Жыл бұрын
Great video. But one thing I was looking for which you didn’t cover was how do withdrawals affect your limit. If your limit is $88,000 and let’s say you have deposited a total of $50,000 from 2009 till date. Now let’s assume, your $50,000 has grown to $60,000 over the years. Now let’s say you withdraw $50,000, leaving $10,000 in the account. Now what is your remaining room? It is $88,000 or $78,000?
@wellbuiltwealth Жыл бұрын
Great point. I’ll have to make another video on that. I’ll put it in the queue :)
@chrismatthews1332 ай бұрын
Dont forget that 240 you got from that 400 you get taxed 13% for every dollar you spend of that...
@wellbuiltwealth2 ай бұрын
So fun, right?!
@gabrielakerekes5844 Жыл бұрын
Thank you again for a great video. My husband and I we are near retirement with 2 years apart, but we still have mortgage on the house with quite high rate at the moment since we renew the mortgage close 5 y variable. I like to ask you if I can move money from RRSP into TFSA in the intention to make extra payments in the mortgage. It is this possible instead to take money out from RRSP directly,which I don’t want to do that for obvious reason. Thank you and your videos are very much appreciated.
@wellbuiltwealth Жыл бұрын
Thank you :) And I wish! But unfortunately, you can’t transfer from an RRSP to a TFSA. Sorry 😞
@jwarnstarsmile6 ай бұрын
Hi Rhys! My accounting teacher was going over TFSA's and I wasn't really sure if he was correct, hoping you can help clarify. Consider that the ceiling is $10,000 instead of the $90k or whatever it is now. So I put in $10,000, max it out. Next year nothing gets added to the contribution room (for examples sake), so its still max $10k. My investments grow from $10k to $15k, and I withdraw $15k. He said the next year (where the ceiling doesn't change), I now have $15k contribution room. So he's saying that you can basically balloon your ceiling if you take out above and beyond the ceiling. So for example you buy a stock for $50,000 and you hit the jackpot and its now worth $500,000. You withdraw it, and the following calendar year after withdrawal, the ceiling of your TFSA is now $500,000. I don't believe this to be true, but he's the accountant, not me 😂. Can you confirm if this is correct?
@wellbuiltwealth6 ай бұрын
Accountant is correct!! :)
@ruckinehround69652 ай бұрын
@@wellbuiltwealth yes and no there has been recent court cases that have made those gains taxable as the court ruled the person was a professional investor. Unfortunately the federal judges are appointed so they won’t go against the government.
@MrLabradorwildman Жыл бұрын
Great Video! i got a Normal savings Account How much do you need in it, before you have to pay tax's to the government? i made 20 dollars this year, so do i get a T?? on the 20 dollar so this is class's has Taxable income? love to know whn dose the banks tell the goverment i made Interest on my savings?
@wellbuiltwealth Жыл бұрын
Thanks! And great question. CRA has a short answer to that here: www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/personal-income/line-12100-interest-other-investment-income.html
@MrLabradorwildman Жыл бұрын
@@wellbuiltwealth Thank you a great help even if i do not get a slip i will inform work out how much to add just not worth it down the road thanks again
@Mm_bear Жыл бұрын
Hi, are you based in Vancouver, BC? I’m thinking of retiring next May.
@wellbuiltwealth Жыл бұрын
We work with people all over Canada but yes, based right outside of Vancouver :)
@ecpoirier7 ай бұрын
I can spend "MAGIC" :)
@janewang97917 ай бұрын
I just checked my CRA TFSA room , but in the video you are saying I need to check in February, is it true ?
@wellbuiltwealth7 ай бұрын
Well, that’s what CRA says, but last year we had to wait longer than Feb for the updated numbers.
@janewang97917 ай бұрын
@@wellbuiltwealth my god I already filled up the room that showed on CRA account 🥲 do I need to withdraw ?