TFSA Explained For BEGINNERS (EVERYTHING YOU NEED TO KNOW)

[@beaviswealth]

📈📚 As always, if you're a beginner to the Stock Market in Canada and you're looking for a step-by-step blueprint on how to get started... Find out more about our Investing Academy here - bit.ly/theinvestingacademy As requested here is the TFSA version! :) If you haven't checked out the video that I did on RRSPs you can watch that here - kzbin.info/www/bejne/o4OVm3RmqMlmmac

[@brianletterman3531]

Brandon Beavis Investing I got ask if I make TFSA account can use it to invest in S&P500 Index Fund an is it good to do by bank

[@dhirajjagota2859]

I have a doubt...While searching for TFSAs online...a lot of banks show that an account owner can get, let's say 2% interest. I couldn't understand what that means. Can I assume that the money that's just lying there in the account in the form of 'cash' (i.e. not in the form of stocks, MFs etc.) is earning an interest?

[@mariefran9232]

Oh my, the "After-Tax Dollars" drained my brain cells. haha I still don't get it. I'm a beginner down to the core and so, I'm not understanding this very well. But don't get me wrong, you made things so much clearer for me Brandon.

[@god9614]

I see this on my cra account but don't know what to do with it

[@kimberlybucasas5757]

Hi Brandon. Can TFSA be used as proof of funds? Is it considered as a liquid asset?

[@simpleplan829]

Finally a channel to explain all of this stuff that’s all about Canada!!!

[@travelingrandom3106]

Try also HumbledTrader

[@travelingrandom3106]

kzbin.info/www/bejne/q5ezpZyMedxrns0

[@burberryclaretred6676]

✅

[@ladiiyb]

Right!

[@jaychah2563]

How to keep your money out of treaudeus pocket 101

[@xo_kryptoknight4147]

Thank you so much for this video! I'm trying to learn more about finances and investing but most videos on KZbin talk about finances in the US. So glad to finally find someone that explains finances in Canada

[@solitudehour]

xo_kryptoknight that’s true! I’m glad as well!

[@Hazara26]

Because Canada is still behind.

[@UrbanMatts]

Robin Lee the or the US has 300 million more people than Canada

[@SimonSkittleFace]

This is exactly what I wanted to say

[@tomgeorge9461]

hey, hows it going? can u give us an update

[@uyaracalinsky1976]

Thank you so much for speaking in easy terms, I’m new to investing, and having someone speaking out with knowledge but in a easy manner, make me believe that I too can learn. Thank you

[@beaviswealth]

:)

[@nininanaaa]

I would love a video where you explain how to invest money in TFSA! Now that I clearly understand what it is, I would like to start. Great vid, thanks!!

[@deseancarter9643]

A idea on this topic would be great.

[@SydneyFrohlick]

Yes this would be very helpful!!

[@northinvestor]

I've just made one on it if you're interest!

[@r0zzey]

One thing to keep in mind and that I have learned the hard way, is that if you leave Canada for a few years and you have scheduled contributions to your TFSA while you are not subject to Canadian taxes, whatever profit you made from the contributions in your TFSA that were made at the time you were outside Canada will be taxed, EVEN AFTER you have returned to Canada 😓

[@CodPast]

That's some bullshit..

[@Dodo-gc3iw]

Wait what? For real?

[@stevejeffrey11]

Oh really?? Damn that's greedy Time to open a Swiss bank account then ;)

[@remusomega]

I'm so glad I started using my TFSA when I was 20 without even knowing what it was.

[@reroyals4206]

Just turned 18 today opening a tfsa tomorrow thank you!

[@samosa5925]

You are way ahead!

[@RawDogTV]

Wealthsimple?

[@hydershariff5737]

Nice.

[@navsaimbi1565]

@@RawDogTV nah u need to be 19 in bc

[@Amzeeel]

Thank you Brandon. You are talking to beginners in Advanced words. I don't have stats, but a lot of Canadians don't know what that is because this really requires great knowledge of financial market. My advise to beginners is do not just head to your bank and open a TFSA Savings account, you might get surprised as to why your money is going down. Check with a professional first because your bank will never give you the best advise as they have to make money as well and do not expect to cancel your TFSA anytime you want without any pinalities, I've never heard someone talk about this in videos. Thanks

[@breezybre2670]

There is no penalty for cacnelling a TFSA account. I have cancelled 2. Yes he is using jargon in this video that 17 and 18 year olds won't understand.

[@bo840]

Thanks for that wonderful explanation of the TFSA. One question though. I've heard that some people did so well with their investments in the TFSA that were actually penalized heavily by the CRA. I think they used certain options strategies that the CRA frowned upon. Would you be able to examine that? Thanks!

[@NamuBang]

Omg the last tidbit was helpful. I have three TFSA accounts and I have been waiting for CRA to come and handcuff me lol. Your videos are always so helpful. Always grateful

[@beaviswealth]

HAHAH you're in the clear! And I'm grateful for your support :) Thanks for the comment!

[@cdr_902]

Out of curiosity, if there is an annual limit what is the point of having multiple TFSA's? More options to diversify? I can understand why both spouses would have one, each can contribute their annual limit essentially doubling the contribution room for the household, but one person having multiple accounts what's the benefit?

[@TheHybridlogic]

@@moontides7220 Hey since you have 3 TFSAs, is you combined limit 6000 or 6000 for each account?

[@nefefe4045]

Lmaoo!!!!!

[@marilynchau4108]

TheHybridlogic the combined limit is 6000 for all accounts

[@lindabarnum8989]

I am a person that likes the ability to withdraw money when I need it. So if I have $10000. and I give $6000 for TFSA. What does this mean for?? My account will now be $4000. I don't do stocks etc. Where is my $6000. Will it be under an account that says TFSA?? and will I be able to withdraw from that TFSA???

[@breezybre2670]

Your $6000 would be in a TFSA account and yes at most banks or investment firms you can log in online and see your account which would likely be labeled ' TFSA'. ( I have one at Tangerine )That money can be withdrawn at any time yes. When you withdraw there are no taxes and no penalties other than that it affects how much money you can put back in a TFSA in the future.

[@tinzatinza7589]

How much rate if return can we expect in our tfsa account monthly!?

[@IneedFishing]

@@breezybre2670 so lets say you make an investment through a tfsa account. You gain money from the stock and you eventually withdrawl. Do you loose that room to reinvest more?

[@GMan-t1s]

I Love the TFSA

[@trafalgar6087]

thank you! you actually explains things. everyone else talks in circles :/

[@HolySpirit7771000]

Buddy you are great, easy to listen to, easy to understand, and your communication skills is off the charts. God bless you. I hit the like button and subscribed.

[@yukonice-cream8623]

Great explanation. Important to remember that while the gains made in a TFSA are free from tax that it works the other way as well: you cannot deduct capital losses on investments in your TFSA.

[@momaey24]

More simpler that means?

[@mikedriscoll5689]

Good point! I hadn’t considered that. Certainly something to consider.

[@matthewrigby6089]

@@momaey24 I think it means that if you lose money on your investments, you can't deduct the losses from your taxable income (ie. If I lost 5000$ on my investments and I made 80000$ that year, I wouldn't be able to claim that my total income was 75000$). Maybe somebody who knows more can confirm if this is the correct idea.

[@rajanbhanot3885]

great information. would you be able to put a video for a beginner who has little to knowledge about trading?

[@JesusOurKing]

So you're saying for someone who hasn't contributed to their TFSA ever since 2009 have $69,500 contribution room in 2020 and if they make $100k and withdrawal it all. The following year they're not tied to only $69,500 + whatever it will be again i.e., $5,500 they can go ahead and contribute what they withdrew original say $100k + the new $5500 .. total $105,500 without being penalized??

[@vacciniumaugustifolium1420]

I think it would be the original 69,500 + the new 5500.

[@Randall56789]

That was my understanding as well plus valtra.... He is wrong about that in the video you're not allowed to recontribute your gains back in - only the dictated contribution limit space that you have

[@vacciniumaugustifolium1420]

@@Randall56789 yeah it show how the tfsa even if small, could be extremely powerfull when you leave it alone whit 0 whitdraw during 30-40 years

[@sheldonpetrie3706]

It would have been good to mention unrecoverable contributions. If you buy high risk assets ( penny stocks, junk bonds, etc) and they go to zero, you have no funds to withdraw so you have lost that contribution room forever so they are safer in taxable accounts that you can harvest those losses.

[@beaviswealth]

Great point. I actually had the jotted down as a point to cover but didn't realize til after the video that I was missed over it. Good input Sheldon thanks

[@emyeu6286]

Brandon Beavis Investing could you further explain this with examples thank u

[@shesnickyhouse7393]

@sheldon can you explain more?

[@LizzyBieber]

I would like to add that if you withdraw money one year you have to wait the next calendar year to contribute the money withdrawn, any money contributed to the TFSA will be considered a over contribution and tax at a rate of 1%per month the over-contribution is in the account and any earned income from the over-contribution may be taxed at 100%. For example, say Peter contributed 6000$ in January 2019. He withdrew the 6000$ in June 2019. In September Peter re-contributed the 6000$ to the account. This is considered a over-contribution to the TFSA to the CRA and will be taxed at 1% per month the over-contribution is left in the account. Every month the over-contribution is left in the account it costs 60$. While any profits earned from the over-contribution may be taxed at 100% meaning you will not be making profits from your money. Please be careful when contributing to your TFSA. Make sure to wait till the next year to re-contribute and make sure you do not over-contribute to your account as it can override the benefits of having and using the plan.

[@nickb4344]

Very good explanation! Glad you are exposing more people to TFSAs. One note that I think shouldn't be ignored however is that if you are a non-resident and penalties for over-contribution. CRA will penalize you 1% every month for the amount that is over-contributed, and 1% every month for any amount that is contributed while being a non-resident. CRA is really cool and doesn't tell you either until at least 6 months after the fact so you will have a very hefty penalty to be paying!! Also, if you are a US person, but living in Canada, the CRA doesn't mind if you have a TFSA, but the IRS in the US will be sure to collect their taxes from you as they do not recognize it as a viable tax shelter. These may seem like a small detail, and it is in the sense that it won't apply to most Canadians, but I've seen some unfortunate situations that should've been avoided. Once again, very great video and overall explanation of TFSAs! Just thought that this needed to be addressed also :)

[@abuji9429]

Out here it is specifically mention that the person should be a Canadian citizen so as to hold a TFSA A/c.

[@sgurjeet99]

@@abuji9429 Not really. They just mention that the individual has to be a "resident", ie: living in Canada full-time.

[@erikaalejandra1230]

i turned 18 last year and im only now discovering what a TFSA is. its so unfortunate that they dont teach this in school. thank you for this video, i will be opening up a TFSA very soon !!

[@TheMonkWay]

I got the S&P 500 VFV and Aurora Cannabis in my maxed out TFSA

[@scottmills524]

The Monk Way - Stock Market Videos you like aurora eh

[@scottmills524]

I as well have aurora, facebook and tesla.

[@NamuBang]

I wish I hadn’t gotten aurora. Buyers remorse

[@TheMonkWay]

Gotta just think 10 years ahead for these marijuana stocks, could dip 50% before going up 100% though

[@christinethompson2582]

Less than 3 minutes in and I’m already learning a lot from you Brandon! Thanks for Canadian content!

[@christinethompson2582]

Hi Brandon, I just opened a TFSA account with WealthSimple! Thanks for the videos!

[@bluejam7086]

What I've gathered from this video is Canada is better than USA. TFSA allows you to withdraw not only your post taxed contributions, but you also can withdraw your gains without penalty. The US version (Roth IRA) only allows you to withdraw your post taxed contributions, but you can only withdraw your gains without penalty at retirement. Hey Canada, I'm a nice guy may I get dual citizenship pls?

[@AmandaJ__]

Thank you so much for this video. I really really appreciate this! I'm learning about investments and savings and this was very helpful

[@shaheensiddiqui2237]

Thanks for sharing your knowledge. I have one question. I am senior 77 yrs of age. I have never opened a TFSA . Now if i want to open how much can i contribute from my savings?

[@CanadianDividendInvesting]

You should be able to contribute about 75,000$

[@aminay3264]

I'm in my early twenties & I defiantly want to start investing & growing financially so that I can be more comfortable later in life

[@arik5742]

Thank you for this awesome video! Could you please make a video on a topic that no one previously discussed on their channels, investing in stocks corporately vs. personally? Pros and cons, tax advantages, etc.

[@OctaneStreet]

Damn i just realized while rubbing my eyes that if you closely listen to him speak you can clearly hear a deep pure Canadian northern accent! Haha also thanks a hell of a lot for this video, I've been doing my research and when trying to open an account with Questrade the beginning had me instantly stumped lol I had no idea what a margin account was and didn't know that the TFSA's are what is most commonly used. All makes sense now, thank you!

[@cheynebest7028]

Tfsa has been a gift from the government and surprised they havent taken it back. Ive been maximizing my tfsa every year and my wife has not. I have been thinking of swinging some of my regular investments over to her to get the tfsa going and topped out but not sure if that is ok.

[@groovybofficial1635]

This video cleared a bunch of questions I had. You get a sub my friend.

[@beaviswealth]

Cheers man :D

[@pramodpokharel3311]

Hi Brandon, woul be able to explain about Limit and tricks to use Tfsa for swing trading on daily basis ? Can use Tfsa for daily trading? How to figure out this issue ? You guidance will be really appreciate. Thank you for your wonderful explanation

[@zigarten]

This is NOT the place for that, try trading forums.

[@ericlefrancois3922]

Hi Brandon, Great video. The only thing missing is..... We can't do daytrading or short term swing trading (like 50 trades a month) in your TFSA account. You will be tax by the CRA. You can in margin or RRSP account because you will have to paid tx at he end. In the TFSA you will never paid tx (only if you daytrade and you get cought by CRA). Sorry for my poor english, I'm French from Quebec so..... But for dividends investing in canadian stocks like REIT or any other TFSA is great. Personnaly I max out my RRSP and reinvest my tax return in TFSA..... best strategy I found yet ;-)

[@gurjitsingh1243]

hi great video but I've a question, can I buy and sell a stock the same day before market closing from my wealthsimple trading account which is TFSA?

[@AnalyticalExplorer1]

Why doesn't everyone just use TFSA account instead of a Savings account??

[@phissure3081]

It is by far a better choice than a savings account for short term savings. The only reason to go with a savings account over a TFSA is if you want to protect your investment from market fluctuations and just receive a steady (but very low) interest rate. The other advantage to a savings account is that there is no yearly investment limit. Also, often TFSAs have a minimum initial investment, so starting with a savings account (or bond or GIC) might be preferable to grow the initial investment to reach that minimum.

[@AnalyticalExplorer1]

@@phissure3081 But cash deposits in TFSA would be protected from market fluctuations, right?

[@chilenozo]

@@AnalyticalExplorer1 yes but not against inflation. My experience is that a passive (non-investing) TFSAs, like the ones offered by banks, are as dire as regular savings account, both lose against inflation. If you open a TFSA you better select investing options, like ETFs, direct purchase of stocks, GICs, etc, anything that helps you beating inflation (e.g, making your savings less valuable). There is always a risk, but for mid to long term, you can invest in ETFs or buying robust stocks during COVID (like banks) so you can bet you will beat inflation and if lucky, make some extra tax-free money along the way.

[@ARCSTREAMS]

@@chilenozo they give you the option of where to put your money in tfsa? but this sounds like being in the stock market ,,only without the hassle of paying a broker etc? what risk are you talking about,aint your principal still guaranteed though? please tell me what would be good safe options during this time or down the road from this covid,you said banks and etfs?

[@breezybre2670]

@@ARCSTREAMS Please understand the TFSA is a type of account for tax purposes. It is an umbrella term. A TFSA can be self managed or actively managed . It can be one where principle is guaranteed because you choose to only put funds in GIC's within TFSA or it can be one where you have all your funds in aggressive growth mutual funds . You choose.

[@nicolesitu5078]

Thanks for the video! Just have a question, if I put let's say $5000 into TFSA account, I buy a stock for $5000 and have a capital gain of $2000, I sold it and ended up having $7000 in my TFSA account, and I use these money to buy another stock for $7000, and have the capital gain of $3000. let's say I did not withdraw any gain or principle from TSFA, I am wondering if my contribution is still be considered $5000 or $12000(5000+7000)? Thank you

[@RandomKuriboh]

I'm wondering the same thing, I think also it's still 5000$, because that's the original "contribution", the rest is profits, not contribution in the account. But there again I'm not sure either....

[@iflynina]

Great videos. We need stuff like this in Canada. One argument that I've heard when it comes to CAD vs US products and Dividends is that the growth of the US product historically out performs the CAD products therefore the 15% on the Dividend is negligible.

[@tomsv7]

Whats the point of RRSP then? TFSA does the same/better job.

[@Kevin_Street]

You can open as many TFSAs as you want, but your contribution limit will be split between them. Thanks! I didn't know that. Excellent video.

[@beaviswealth]

I actually have 2 open :P don't ask why LOL Thanks Kevin :)

[@ebiamini2886]

Hi, thanks for the information you provided. My question is if tsfa has no penalties and rrsp has, why some people open respect account? Thanks

[@breezybre2670]

The reasons are many. For example...some people max put both accounts . Some people put money in their RRSP and then use the tax refund that is generated to contribute to their TFSA.

[@davidwindcadon583]

Hi Brendon! Thank you very much for the detailed information about TFSA. TFSA seems like a nice gift for CanEhdians. Are reinvested dividence considered as contributions in the TFSA?

[@mysticstrikeforce5957]

I don't know why tsfa and rrsp just don't say investing account instead of savings cause it will throw some people off.

[@alessandrosirro4986]

Hi Brandon Lets say i have $10,000 in my TFSA. If I withdrew that for a purchase, do i HAVE to put that money back in the account? Thanks Alex

[@beaviswealth]

Alessandro Sirro hey man no you don’t have to.

[@gunit6815]

I got a tfsa with a bunch of money in it sitting there doing nothing with BMO. How can I do something with it? I don't see any way to buy investments via bmo app/online banking.

[@SimonSkittleFace]

Finally some good Canadian finance advice

[@adithyakovuru295]

Its a great video and i would like to know how interest rates work on TFSA or RRSP??

[@dearjasmineeee]

Hi Brandon! Your videos are awesome and have been so helpful :) just one question, I'm a little confused about withdrawing money from your TFSA. You said if we took out 100k one year, then next year we can contribute the 100k + the next year's contribution limit. What if the total limit for my age is only like 60k though? How much can I contribute the next year if I take out more from my dividends?

[@TheKenzhang]

That's my question also. Does that mean my contribution space will grow with my stocks holding. that is too good to be true

[@yupyup710]

@@TheKenzhang Contribution room does not grow with your capital gains. Its like it simply rather ignores it. your limit is not affected by gains earned within the account. You may have a maximum limit of 65K and have the TFSA worth over 100K. That still leaves NO CONTRIBUTION room ( as you have maxed out all years of contribution to get the initial 65K ) but you still have the 100K in the account. ( this could be due to rising stock prices within your portfolio.) Should you decide to withdraw all the 100K then yes, the next year you would be able to put back the 100K. But thats essentially the same as before which is why the government allows it. so the following year you would be able to put in the 100K plus the limit for that year. Say 6K. So 106K total. The following year you would only be able to contribute the maximum set out for that year. Withdrawing money from the TFSA open contribution room until that money is repaid back into the account. Once it has been, its back to the limits set year by year.

[@ElectiverBFF]

if i make american dividends in my non registered account then move that dividends to my tfsa is that better than having that American dividend stock in my tfsa and taking that 15 percent withholding fee?

[@trippz5611]

Brandon, I have now watched about 15+ videos, and I just wanted to say how thankful I am for your helpful insight in navigating the world as a DIY beginner investor. You're doing great things man. Cheers ~

[@Unrove]

So I have a tfsa in my Scotiabank and a tfsa on wealthsimple how do I manage my tfsa on my Scotia I’m so confused

[@CanadianDividendInvesting]

You can manage them together

[@MajidSeifi]

Hey, Im an international student here in Canada. Can I have a TFSA account and start my investing ?!

[@yupyup710]

Hey Majid! Really glad you want to invest to make a better future for yourself. Couple of things. Number one, in order to open a TFSA you will need to hold a valid SIN number. Without one, you cannot open a valid TFSA. Secondly, any funds you decide to invest ( hopefully good old CDN dollars! ) that are of a foreign currency will automatically be transferred into CDN dollars. This is important to note because of currency values. The USD dollar is worth more then ours ( CDN ) meaning that if someone was to bring over 6000.00 USD and deposit into a TFSA they would be over contributing and thus, subject to a penalty. Lastly, here is a direct quote from the CRA "A person determined to be a non-resident of Canada for income tax purposes can hold a valid SIN and be allowed to open a TFSA, however, any contributions made while a non-resident will be subject to a 1% tax for each month the contribution stays in the account. For more information, see Non-residents of Canada." Meaning, that yes with a valid SIN and a proper TFSA, as an international student you could invest money. However as stated above, you will be taxed at 1%. Please also keep in mind that most of the time, if you were to invest here, withdraw the money and return to your home country, you would almost certainly have to declare it to your home government. In such a case, Id assume you would pay taxes to them. Also, please keep in mind that as a student, your VISA ( if you have one ) may cause this to be different as many of them hold limitations on working hours ect. If you have any other questions, Id call the CRA

[@HelloItsMe726]

@@yupyup710 Hi!! Where should I open my TFSA Account? Which financial institution is better and safe?

[@karimabdelkhalek4462]

Great video. Does buying and holding a US stock for over a year provide any tax advantages for Canadian investors (in non-registered accounts case)? If so what would be the difference in total percentage paid on taxes when a stock has positive capital gains? I wish I could find a link that answers my questions. Maybe worth a video :) much appreciated

[@harshilbhanderi8823]

Hey brandon , as an international student I am thinking of investing through quest trade but i dont know how the tax system will work how they will charge and all could you throw in some light please?

[@yupyup710]

Hey Harshil. Really glad you want to invest to make a better future for yourself. Couple of things. Number one, in order to open a TFSA you will need to hold a valid SIN number. Without one, you cannot open a valid TFSA. Secondly, any funds you decide to invest ( hopefully good old CDN dollars! ) that are of a foreign currency will automatically be transferred into CDN dollars. This is important to note because of currency values. The USD dollar is worth more then ours ( CDN ) meaning that if someone was to bring over 6000.00 USD and deposit into a TFSA they would be over contributing and thus, subject to a penalty. Lastly, here is a direct quote from the CRA "A person determined to be a non-resident of Canada for income tax purposes can hold a valid SIN and be allowed to open a TFSA, however, any contributions made while a non-resident will be subject to a 1% tax for each month the contribution stays in the account. For more information, see Non-residents of Canada." Meaning, that yes with a valid SIN and a proper TFSA, as an international student you could invest money. However as stated above, you will be taxed at 1%. Please also keep in mind that most of the time, if you were to invest here, withdraw the money and return to your home country, you would almost certainly have to declare it to your home government. In such a case, Id assume you would pay taxes to them. Also, please keep in mind that as a student, your VISA ( if you have one ) may cause this to be different as many of them hold limitations on working hours ect. If you have any other questions, Id call the CRA

[@zaiahvisual7757]

If I'm a share holder of a foreign corporation do I need to report my taxes? Or do I only report when I own interest in a foreign investment utility? I am reading 12100 but didn't fully understand.

[@yupyup710]

Solid video man. Glad someone is here teaching people what stuff really is. Without knowledge, one could never hop to achieve financial freedom!

[@beaviswealth]

Thanks Branden :)

[@titchglover2601]

Thanks I have been Trying to find out what the interest rate is? It's called a High Interest Rate tfsa Account. But what is it? Idk... thanks

[@bokjoowangso947]

Loving what you're doing for us. I've been wanting to learn how to invest in stock market and as an immigrant I have no idea what are these TFSA etc. Thank you so much.

[@lionking1919]

We shouldn't get a T5 at the end of the year for TFSA right? That's what I saw in websites, but I have received one from my bank. Should I call them?

[@ronisworld2916]

You lost me on the AFTER TAX thing!

[@thastunna]

He's basically saying that any money you contribute from your earnings i.e. salary, is after tax since taxes already came out of it and you're contributing the net.

[@breezybre2670]

You work, you earn money but before it hits your bank account you pay taxes on it as your employer takes the taxes out before giving you the money. So once you get your pay check.. that is the money you got after tax. To explain more....in an RRSP ( Registered Retirement Savings Plan) you put your money in but then at tax time in April the government says...oh look...ypu put 10,000 in an RRSP ok....we charged ypu tax on 100,000 ( your imaginary income), but since you put the 10 in n RRSP we will only charge you tax on 90,000 so you would get a tax refund. So before tax= save money on taxes now. After tax= save money on taxes later. When you are elderly and you withdraw from your RRSP you will have to pay tax where as when you withdraw from your TFSA you will not.

[@acmaiden5236]

You forgot to talk about day trading in stock market apparently not allowed in TFSA. I hoped to find more information about it!

[@eydrisse]

I've recently been exploring and trying to learn more about investing so sorry if this sounds stupid lol but is the 15% withholding tax for US dividends something you have to take action to pay or is it automatically deducted? Great videos btw they're super helpful!

[@danielandom8070]

Very clear, thanks.

[@jamesbrock1883]

So If after time you end up with 500,000 dollars in your TFSA you can withdraw let's say a 5% dividend tax-free?

[@beaviswealth]

Absolutely! If you build up your account to 500,000 you can take as much out as you want completely tax-free!

[@kaylinger8037]

If you sell a stock at a loss in your tfsa is that room lost permanently?

[@CanadianDividendInvesting]

Yes it is but you can bring it back up with other investment gains

[@breezybre2670]

No . Selling a stock is not a withdraw . I took all of my money out of stocks and put it ina money market but that was all inside of my TFSA .

[@michaldsouza5611]

one question: I am new to invest in TFSA, I can invest 6000 in 2022 till December, suppose I want to invest more in 2023 Jan , how much max CAD I can invest ?? is it 6000 for 2023 as well or less ? 2022 - 6000 + 2023 - 6000 am I understood correctly?

[@breezybre2670]

This is correct except that they increased the limit for 2023 to $6500.

[@JayPatel-iv7dj]

Thank you for you help. I have question. If i keep USA stock in tfsa do i need to pay tax on those gain?

[@twosensefinance8473]

You wouldn’t have to pay any capital gains taxes. In other words, if you bought a US stock for $100 and sold for $200, you don’t have to pay any taxes on those gains! However, you do have to pay a 15% withholding tax on any dividends the US stock pays you.

[@letsstudyscience3789]

Hi Brandon, I spoke with the bank representatives, and they told me that I don't have any dividend. As far as I know, dividend means a bonus amount right or profile right. However, they are not giving me full information about it. I have saved the money, but I don't know the benefit of having TFSA. Could you please explain to me what dividend means in this situation? Also, could you please give me an example of some amount, and it's dividend.

[@alanmacleod2669]

How does the CRA calculate your TSFA contribution room if you contribute US dollars?

[@nedasamadi9059]

You are amazing, thank you.

[@nonamechannellara4746]

Very good and clear even for a Newcomer. Thanks

[@bftoption7760]

Investing in bitcoin is really nice

[@nyc1715]

Hi, I’m currently residing outside of Canada but consider myself a factual resisent for tax purposes and file tax return to CRA every year. Can Ininvest in TFSA?

[@CanadianDividendInvesting]

Yes you should be able to

[@ryandelacruz4045]

Question: if I have extra 50k Where should I put it in if I needed the money in 5-8 years? Stocks or bonds? Im from Alberta btw

[@CanadianDividendInvesting]

Stocks!

[@storymodetanya]

Hi Brandon! This is my first year investing. I own a few US dividend stocks and ETF that own us stocks in my TFSA. You mentioned that US dividends are subjected to withholding tax. My question is how does one pay the withholding tax? I believe Questrade doesn't provide tax slip for TFSA account. or is the withholding tax deducted from the dividend before it's paid out. Thanks :)

[@twosensefinance8473]

The tax is withheld at source, meaning Questrade applies the withholding tax before the dividend is even paid out to you. No tax slips are generated since withholding tax in a TFSA cannot be claimed back as it often is in a non-registered account, however you should be able to see how much withholding tax was charged in your transaction history.

[@ojjunior4579]

Good video, explained well! It’s my fav account too and always maxed out!

[@nickjoshi2810]

If we have US stock (in TFSA) with capital gains and decide to sell it. Do we have to pay tax on that?

[@yourkelownahomes]

Added a TFSA account to my Qtrade account. Can I use my TD checking account to fund my Qtrade TFSA account? Or does the money need to come from my TD TFSA account?

[@SF-bl3dg]

let say you use up this yr's contribution limit of 5000 or whatever, you are saying you can withdraw all this money and still be able to put 5000 back in the very same yr later? or have the 5000 be added to next year?

[@jackgordon6609]

Is there a minimum limit to start to invest?

[@adamvetter7572]

I think Questrade is 500 bucks

[@breezybre2670]

Not at most banks.

[@DannyHype]

Thanks for another great video! You mentioned how If you get dividends from a US stock you have to pay a 15% withholding tax. Do you also get taxed from your capital gains from a US stock. Example. If I bought a stock of Coke for $50 in my TSFA and sold it when it was worth $100 would i be taxed that capital gain of $50?? Hope that made sense. Thanks again!

[@ziada704]

What's the difference between TFSA account in bank, and third party like wealth

[@CanadianDividendInvesting]

Nothing, WS just has no fees

[@kiraykiroy6281]

what about, is this a good time to start contributing tfsa?

[@brybry111]

I'm just curious because I've been reading online that if you haven't invested yet after age 18 until the year you start after 2009 all the years adding up will essentially increase your account limit? If this is true I'm 27 and haven't invested until this year.. does that mean the 6,000 limit this year will actually be way more? Can someone help me with that?

[@acmaiden5236]

Look at his chart at 6:00 Start adding up from the year you turned 18 and you get your limit contribution. Say, it is 64,500$ and you put 50,000$ in it, next year you will be allowed to add 20,500$ and then only 6,000$ per next years. Just make sure to never exceed it, the penalty is pretty hefty!

[@kima.785]

Just found your channel - Great videos! I have never opened an TFSA but definitely know I should be using this. My question is related to bank stock I have which is not held in a registered account. Is there a way to transfer or convert these stocks into a TFSA account without having to sell them or would it be necessary to sell them (with possible capital gains/tax implications) and re-purchase the stock up to my contribution limit within a TSFA. Thanks for your thoughts.

[@twosensefinance8473]

Good question! You don’t have to sell the stock and can transfer your shares straight to your TFSA. However, it could still trigger a tax event. If the stock has gone up in value you’ll have to pay tax on the gain and only future growth will be tax sheltered. And if the stock you want to transfer to the TFSA has fallen in value, you can’t claim a capital loss unless you sell it first then buy it back within the TFSA after 30 days. Hope this helps!

[@TheHeavenlyHarp]

Very helpful thx:)

[@kima.785]

@@twosensefinance8473 Appreciate the response. Thank you!

[@dhirajjagota2859]

I have a doubt...While searching for TFSAs online...a lot of banks show that an account owner can get, let's say 2% interest. I couldn't understand what that means. Can I assume that the money that's just lying there in the account in the form of 'cash' (i.e. not in the form of stocks, MFs etc.) is earning an interest?

[@breezybre2670]

Yes. Some banks have what is called " high interest or money market accounts that you can sign up for with your TFSA. The returns are not very high but they are secure.

[@ChiragPatel-yn9dd]

Hey buddy thanks for the great videos!!I’m still trying to find out 1. how to open up the TFSA account or RRSP account? 2. is there any charges for opening up account or deposit or withdrawals ? 3. If we don’t want to invest in stocks or mutual funds , can we still earn interest as a normal savings account?

[@ChiragPatel-yn9dd]

william do thanks buddy!!

[@samramos1470]

thanks g I turned 18 in april and opened an account recently. hoping to make some gains in the upcoming years

[@faisaltufail3083]

What about money made from mined crypto? On any exchange. Can we just put money in tfsa and not taxed or that money needs to be taxed to got into tfsa?

[@CanadianDividendInvesting]

You can put any money in your TFSA and can take it out without being taxed

[@RealCopsReelLife]

Thanks a ton for the videos.... love that you're Canadian...:) Question, what APP is best for monitoring the market? *I'm a Newbie

[@beaviswealth]

Woo! :) I use an app called StockTwits for my watchlist. There a million good ones you can download from the App Store, even your phone will have one built in 👍🏻

[@RealCopsReelLife]

@@beaviswealth Thanks so much. Hope you don't mind, but I'm looking to post a video on my channel soon encouraging first responders to manage and use their finances better, and I'd like to link your channel. You've helped me get this thing started:)

[@beaviswealth]

Real Cops Reel Life no way too cool!!! That would be awesome, i just subbed I’ll keep up with it 👍🏻 all the best

[@Dave004]

I got a question. If I currently have company stock (i buy stock through a small % of my payroll) that is in a regular account, and if I sell that stock at a loss but buy it back in my TFSA under 30 days, what kind of tax implications if any will I incur? I know I can't claim it as a capital gains loss if I buy it back under 30 days, but does any of that stock I take out get added as income or anything? Or does nothing happen because its a loss and doesn't count as capital gains or income? Thanks!

[@jaterzon4]

Great video! Question about TFSA. How long are you suppose to hold stocks until you can trade them so that the CRA won't consider it day trading and you get penalized for it?

[@Dodo-gc3iw]

Same question 🙋🏼‍♀️

[@FrakBeats]

So all those years together roughly are just over $50,000 dollars... so if i'm 31 now. I can just start shoveling money into my TFSA? Like if i drop $40,000 grand in there i should be fine since i have all these years built up that i didn't put anything in? Just wanna know i'm understanding this correctly.

[@karenmcleod5063]

Can the tfsa be utilized in conjunction with a crypto wallet? and trade from there? Trezor

[@CloudProductions]

What happens if we max out my TFSA contributions, and the value of the shares go over the contribution limit? Do we get penalized?

[@dantelee6371]

Nope. The value of shares can go as high as it wants. Just don't contribute over your limit.

[@RajbirSingh-ol5qo]

i want to invest for long term in order to keep receiving dividends, If i keep doing that in TFSA, what if i exceed TFSA contribution limit ? So if i wanna keep investing for long term, TFSA isn't for that ?

[@CanadianDividendInvesting]

You will be penalized if you exceed contribution room. If you want to keep investing use a personalized account

[@RajbirSingh-ol5qo]

@@CanadianDividendInvesting So u mean tfsa is good for just investing within limit. After that we need to use personal account?

[@getitup100]

Is income from a TFSA considered income ( affecting my Canada Pension) but not considered taxable or, is it considered non income and non taxable?

[@gordn1584]

Completely and utterly tax free. Thank you Mr Flaherty.

[@andrewwong7912]

Awesome video, I'm trying to access your linked video "How to start investing Video", but it says that it is a private video

[@BosSArtwork]

What about penalties?

[@StoicBarbarian]

What happens when I've maxed out that investing account? Would I have to open a different account to continue buying dividend stocks for example?

[@CanadianDividendInvesting]

You would have to open a personal account

[@breezybre2670]

If your TFSA was maxed out you could open an RRSP or you could open a non registered investment account ..aka a personal account.

[@whaz82]

Nice, I can do day trading with TFSA account?

[@charundave]

Nice useful video. I am 70 year old residing in Ontario. I Came to Canada on PR in 2012 and became citizen in 2017. I have no TFSA at present. I wish to open a TFSA account with my bank RBC . How much I can invest in TSFA and what will be the interest I will earn? . Will appreciate your guidance. Thanks and regards.

[@twosensefinance8473]

Your contribution room would have began accumulating the year you became a resident and obtained a social insurance number. If that was in 2012, your contribution room should be $60,500. But always a good idea to check your MyCRA account!

[@charundave]

@@twosensefinance8473 Thank you very much. This will definitely help me

[@twosensefinance8473]

@@charundave Glad to hear that!