Don't Make These Common TFSA MISTAKES! // Canadian Finance
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Published 2023-02-25
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Intro (0:00)
Mistake #1 (0:10)
Mistake #2 (0:53)
Mistake #3 (1:55)
Mistake #4 (2:40)
Mistake #5 (3:57)
Mistake #6 (4:37)
CRA's TFSA Page: www.canada.ca/en/revenue-agency/services/forms-pub…
DISCLAIMER: The content and opinions on this channel are for informational and educational purposes only and none of it is (nor is it intended to be) investment advice. It is our firm position that everyone has a unique situation and should seek professional advice on how best to navigate it. Rhys Martell is a Chartered Investment Manager (CIM), a Fellow of the Canadian Securities Industry (FCSI), a Qualified Associate Financial Planner (QAFP) and more. However, he is not registered to provide investment advice and does not provide specific recommendations. Those looking for specific investment advice should seek out a registered professional. Rhys Martell is not responsible for any investment decisions taken by anyone other than himself.
All Comments (7)
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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!!
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Great video! Lots of info. Thanks
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❤❤❤ 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.
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Good channel content here keep it up !
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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.
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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?
