8 TFSA Mistakes You Must Avoid

Good one, One of the biggest mistakes is over-contributing to your TFSA. The Canada Revenue Agency (CRA) imposes a penalty tax of 1% per month on the excess amount, so always keep track of your contribution limits.

These short, concise videos are my favorite. Keep them coming!

this is great info. Keep up the good work!!

Always learning something new with each video 🙏

Great tip on the successor holder, I’ll have to double check that. Thanks for sharing.

Amazing thank you.

short, concise and thorough. thank you for this!

Thanks for the life changing information

And this is why it pays to have a good financial advisor. Mine has explained all this to me and it’s working perfectly. My husband died 18 months ago, and his TFSA was slipped over into mine just has you said. One thing I learned as executor of my mother-in-law’s estate 6 years ago was to close the deceased’s TFSA account and distribute it to the beneficiaries as soon as possible. It falls outside the estate, and while the account holder doesn’t pay tax on withdrawals, any interest accumulated after death is deemed taxable.

FANTASTIC INFO !!

Great info on the succsor holder designation for TFSA. thx.

Once you truly understand the TFSA it is the best thing about Canada

That’s great info, which should be taught to our young adults starting their life. Recently we sold a privately held rental property. To avoid the property capital gains tax we used our RRSP contribution room to avoid/lower the tax. The $$amount of the tax return from CRA in the following year was then used to fill up the TFSA room. (Then using the TFSA amount to invest further and enjoying the growth for our future tax free withdrawals.)

Great video

TY SIR!>

Great video. Very clear. Thank you so much! :^)

Thanks Adam.

I take the yearly allowed limit, divide by 52 weeks and contribute that way. I've been lucky enough to reach the max limit minus the weekly payments I have left for 2024. Currently my TFSA is worth $36K more that I have put in and I am thrilled.

Professionally explained. Liked the closing word; " a gift from Government".

I specifically earmark dividend paying US company stocks (not ADRs) for my RRSP, rather than my TFSA. That way, consonant with the tax treaty between the States and Canada, dividends aren't subject to 15% withholding tax, as they would be in a TFSA or unregistered US dollar account. Nice keeping 100%.