Don't Make These Common TFSA MISTAKES! // Canadian Finance

[@richardwilliamtobin904]

I just stumbled on your videos. Some of the best “Canadian” retirement videos I’ve seen. Love your brevity, style and love that there is no background music.. I’m a fan and have subscribed!! Good job!!

[@wellbuiltwealth]

Thank you a ton for the encouragement!

[@laed3520]

❤❤❤ my TFSA. I just applied to start my CPP in Jan 2024 when I turn 70. Covid allowed me to save 1/2 of my income for 3 years. (No Travel) Huge windfall. Happy I did all my travelling in the 1st 6 years of retirement. Who knew Covid was coming back in 2020. Live for today but plan to live till 100.

[@davehancock54]

Great video! Lots of info. Thanks

[@kanadaka]

Good channel content here keep it up !

[@wellbuiltwealth]

Thanks! I’ll do my best :)

[@Pkeats817]

Many older adults can contribute $95,000.00 as a lump sum, so wouldn’t that mean that a lot of us wouldn’t have any penalty unless they surpassed that amount? Or, am I wrong?

[@wellbuiltwealth]

As long as you don’t cross over your limit, you’re good!

[@Pkeats817]

@@wellbuiltwealthThe growth can grow higher than the full contribution amount though?

[@Pkeats817]

@@wellbuiltwealth 🙂Thanks for responses. Much appreciated.

[@wellbuiltwealth]

You bet!!

[@iansilver4853]

Here's another way you can get dinged in your TFSA: i bought a Canadian stock on a Canadian exchange in my TFSA. Sometime later, the TFSA decided that the stock was no longer eligible to be held in a TFSA. The penalty: 50% of the original contribution. Pure and simple theft by the CRA.

[@blackwomenbuildwealth]

Wow 😮