📈📚 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 In this video, we'll cover everything you need to know to manage your TFSA properly.
My son has disability , so l opened for him 2 FTSA because he works a few hrs a week, he gets paid bi-weekly , so l arranged with the back to take some of the pay and put it in his FTSA , l don't know if this is the right way to contribute , l did send u a msg Mr. Beavis on messenger but waiting for u to respond , l really need ur help , because the bank doesnt explain enough for me to understand, much apprecited
this is absolutely golden!!! pure researched knowledge!!! for free!!! thank you so much for getting deeper in the world of TFSA. if everyone starts with this video, were all better off!! thanks marc!
Brilliant episode Marc! The TFSA is such a powerful tool for Canadians and you hit all the nails on the head.I’m sure this episode will be referred back to many times by many people. Perfect! 👍👍👍
Great video as always. I would add another important reason you might not want to use your TFSA account to speculate on risky investments. In addition to just not being able to deduct to deduct the loss, you also permanently lose that same amount or room in your TFSA going forward. It might be tempting to buy that penny stock hoping it doubles, triples, or go through the moon all tax free, but if the same stock goes to zero, you have nothing. Just think about how much the same amount might have been worth if had been allowed to grow, and compound during your lifetime prior to needing it at retirement. To the rich who can afford to speculate because they could afford a loss , do what you want, but for the rest of us, I think we should be very prudent with our TFSAs. I speak from experience, as someone who lost quite a bit of money in my TFSA and has taken years to break even again. Whereas my regular portfolio had done just fine because I wasn't so greedy.
Great comment, Ryan, and thanks for sharing your experience. When these were rolled out in 2009, I was shocked at how many people who had spent their entire lives buying GICs, were all of a sudden high risk investors. Blew me away. Thanks for watching. - Marc
This video is legendary! The fact that it is an all in one makes it the best of the best. These videos need to be long and full of information so that we can save them and go back to them whenever we are looking for knowledge. Marc you are the best! Every account should have a video like this!
Wow.. thanks for your nice comments. I try to keep these at a reasonable length, but I wanted this to be all encompassing rather than breaking it down into smaller videos. I might do some in the future on various sections, but this was the long one! Thanks for watching, and I'm glad you enjoyed. - Marc
Great video with some misconceptions I was not even aware of. I will say this though: 2 reasons I prefer investing in my TFSA than in an RRSP are: 1. I expect to make more money - and hence be in a higher tax bracket - after the withdrawal age for RRSP 2. We know today what our tax brackets are. We do not know what they will be in 20, 30, 40 years. So you could make a plan where you put money in at a 30% bracket and get a nice chunk of return, but in 30 years, you will have to pay 70% of taxes on your withdrawals. Not saying this will happen, but we don't know what the future holds As much as money today (the tax return from your RRSP to reinvest) is better than money tomorrow, in this case I find the 2 points above outweigh this mantra. In all other circumstances, I prefer money today because I know I can 10X it.
Totally agree! Can you imagine us paying less taxes 20 or 30 years from now? Definitely NOT! And I am aiming to make a higher income in retirement than I make now, cause with inflation alone, I will need make more to survive. I rather pay the tax now at this rate, than pay the tax for later, which will for sure be higher.
Thanks a lot for the most detailed explanation on TFSA available online! I once had an overcontribution on the TFSA, I had over 10K sitting there for a year (not even invested), I read wrong the CRA and where I thought it was my contribution room, actually was in bold and in between (10k) brackets so was an overcontribution. The penalty I had to pay was quite big. I paid the full amount immediately and fix the overcontribution, but I also write a detailed letter explaining my mistake to the CRA. They acknowledge that was not a delivered mistake, and give me a refund of the penalty I paid. So at the end they are humans too. Obviously try to never overcontribute, but if it happens you can explain to them your mistake and you have some room of time to fix it.
Made the mistake of withdrawing TFSA instead of transferring between TFSA. Great vid, wish the government could better inform young adults of this info.
This was perfect! The bookmarks throughout the video make it ideal to locate particular info on TFSA. Thank you for such a well organized video preparation. 👍🇨🇦🍁😀😷💉
Simply put, this is the defacto TFSA video anyone should watch if they're at all interested in this investment vehicle. Incredibly thorough and well presented.
Great video Marc, I believe you pretty much covered every aspect of TFSAs. We sold our house last year and have a small surplus, so my wife and I will both open individual TFSAs as I understand we can't have a joint account. Another question I've wondered about is this; can a person put the deed to real estate inside a TFSA account as long as it doesn't exceed the limit? Say something like a piece of land or lot. Is this possible? Thanks Marc
Great video Marc! Very well explained!! I wish I had seen this video before I made couple mistakes which you have mentioned in the video!! lol.. For sure it will help a lot of people !!
Thanks for commenting, and I hope your 'mistake' wasn't too big! I did the same thing many, many years ago, but with my RRSP, not my TFSA. Pretty much the same though, and we learn from our mistakes. Glad you enjoyed the video, and thanks for your support. - Marc
Just a heads up in applying with The online CRA account. If They have issues with your email account in any way, you will not have access to your account even if you try to access your account through the option of going through your bank. You would think accessing it through your bank would get you into your account but no. When you use the online CRA account you will NOT get mail from them. I had to call the CRA to see what was happening and that’s what I was told. Sucks when you owe the government taxes yet don’t get the info regarding owing them then you are charged late fees as well. Lesson learned 😁
Could you please do a RDSP? The rules are tricky in that one. I know it’s not for most people but disabled people should be fully aware of the benefits it provides. And who knows, someone could easily need it one day if some unforeseen accident happens right? 🤷♂️
Great information! I think the name is misleading, should be called the Tax Free Investing Account. I fell into the savings trap early on and didn’t realize the broad range of investments that could be held.
Los impuestas son un tema que me genera conflicto, aquí en Colombia evito pagarlos (legalmente) porque el gobierno se roba el dinero, prefiero ayudar a las personas directamente, pero en Canadá no evitaría mis impuestas, estaría gustoso de pagar unos impuestos altos porque veo que el gobierno los distribuye mucho mejor para las personas. Me encantó toda la información Marc! "Taxes are an issue that generates conflict for me, here in Colombia I avoid paying them (legally) because the government steals the money, I prefer to help people directly, but in Canada I would not avoid my taxes, I would be happy to pay high taxes because I see that the government distributes them much better for the people. I loved all the information Marc!"
Great video Marc. One question in regards to day trading. When you said they look at the amount of trades you make. You would mean a trade is a buy and sell the same stock in min hrs. I make a lot of buys every week but very rarely sell as I’m a buy and hold investor for my TFSA. So I would have no issues. I just buy small amounts very frequently because I’m using Wealthsimple with no commission and buy when I can lower my average cost and gets me a better yield on my dividends.
If you're buying, even in small amounts, and rarely selling, that falls far outside the guidelines that are used to determine whether you're running a 'business' inside your TFSA. From what you describe, you don't have a worry in the world. - Marc
Another amazing Video. Thanks Marc. At 31:26 "Strategy #3" you gave confusing information about the money you are gifting your children. This Money is always Post Tax money, RIGHT?. Except if it comes out of your TFSA and it was earnings you made within the TFSA then I guess you could claim that this money is Tax FREE that the kids are getting. Then if they place it in their TFSA (if Room is available) then the gifted money would never be taxed. If that is what you are saying then I agree. I had to listen to Strategy #3 3x because I thought maybe you were saying that there was some way to gift money to your children by transferring money from your TFSA directly to their TFSA but no you didn't say that. I still find your statements confusing, when you said "Rather than just giving them money that you paid tax on." The good news is that the Tax Free money you take out of your TFSA to give to your children for their TFSA can be replaced the next year with new after tax money that you make because this withdrawal creates new room in your TFSA. I wonder if Politicians are eyeing all this money in TFSAs as they struggle to balance their budgets after the Pandemic is over? Hmmmm? You know what they say "All Good Things Come to an END". Again I love your Father / Son Videos so inspiring. ❤❤
Thanks for your comment and question. I relistened to that segment and realize I wasn't specific. You cannot transfer directly from your TFSA to their TFSA, no. You can, though, withdraw from your TFSA, tax free, and gift them the money, which they could then put into their TFSA. This is obviously dependent upon your other circumstances, but it is an option. You point out that you do get that contribution room back the following year, so for some people, this might make sense. I hope that's clearer. Thanks again for asking for clarification. I would be surprised if the current TFSA rules were changed to raise funds for the pandemic support, but who knows... it's got to come from somewhere! Thanks again for your continued support. We appreciate having you as part of our community. - Marc
@@beaviswealth Thanks Marc for taking the time to reply. I really appreciate you guys. Pure Canadian content about investing on TH-cam is very scarce due to our Big Brother to the South having 10x the population. Hopefully as Global warming converts BC to the new California the numbers will balance out in the Future. 😄 Cheers 🍺🍺
Nice summary of mistakes! I know the designated exchange list is long....but which brokers offer TFSAs that can access anything but Canadian and US exchanges? I can't find any.
Agreed. Ultimately, it's up a a judge, I guess, and they just look at the specific facts and made a decision. If it were black and white, it would be much better. - Marc
TFSA vs RRSP, if one has lottery winnings, insurance payout or inheritance which is already tax free, is there an issue putting it into an RRSP, then being taxed when it gets withdrawn? I realize there is a tax credit for the contribution in the tax year it's put into the RRSP, but I'm not sure in the end if it would be better to invest those funds into a TFSA or an RRSP?
Hi Michael. It would depend on other factors, such as what your income level is, and how long you'd be planning to leave the funds inside the RRSP. Those are just a couple of things you'd need to consider. I don't think there's a blanket answer as to which is better. Thanks for your comment, and for asking. - Marc
About the foreign withholding tax in a TSFA, does it apply only to regular dividends or does it also apply to distributions categorized as capital gain, return of capital, interest, etc... ?
Thanks for your videos! Great educational information. I have a question for you! I recently opened a TFSA and have started putting a bit of money into it each month. However, I have no clue how to actually "invest" it! Theres a lot of information out there and I have no idea where to begin.
Hi Liz, and thanks for watching and commenting. You're right, there is a ton of information out there and it's hard to know where to begin. To get some ideas, feel free to check out our Investing Academy for some ideas. You can enroll in our Free Course just to get some ideas, at least to start. The link is www.theinvestingacademy.ca. Thanks again for watching. - Marc
Can you clarify: If you sell stocks in your TFSA that you’ve had for over a year, but don’t cash it, do you pay capital gain? Eg: buy TSLA for 400 in 2019, sell for 800 in 2022. But you use that money to buy ENB.to instead of withdrawing it. Do you have to pay capital gain for that?
Great TSFA presentation, Brandon. Is there a video that we can view about RRIF's, like would it better to invest in our RRIF's vs TSFA's ? Thank you so much Michael
I am just starting to watch this video and what I am hoping to get out of it is: Is there any point of putting money into a TSFA for retirement if you still have room in your RRSP? If it matters I am 54 and will be retiring in 12 years with a 20 year defined benefits pension.
@@beaviswealth yeah exactly. Simply because some of the stuff I already knew, some was new info. Plus if I have to go back and find a specific thing it would be helpful. ❤❤❤
Hi Marc, good day to you, first i like to say thanks💯 for the information, it was very helpful to me and others too. I have a question i was hoping you able to help me. When using a brokerage, how im i able to make someone my beneficiary, what is the process? Since my TSFA is not from a bank account, Thank you.
Thanks and you're welcome. The dealer/company your TFSA is with will have a form that you'll complete to name/change a beneficiary. It will depend on the company you're with. Best of luck. - Marc
Hi I have a question. Does TFSA contribution limit depends on the year when you became a resident of Canada? Or the whole TFSA limit gets (if ones born before 1991) regardless of the year of residency canada? Please give me the government website link which shows that. Thanks
Hi Marc! Great video, your depth of knowledge has been such a blessing 😊 I’m a recent grad (23 years old) and I’ve maxed out both TFSA and RRSP. When I first began investing, I was definitely eager so I jumped in with little strategy. I currently hold many US blue chip companies in my TFSA along with volatile stocks such as Nio, palentir and alibaba. I was wondering, do you recommend perhaps opening up a margin account to allocate these growth stocks to? I’m not an active investor and I’m unsure what would be the best thing to do… Additionally, what do you think about investing student loans as the government recently extended their interest free period until 2023? Thank you so much!
Very good presentation but I think you missed to talk about the rules that would apply for Canadians living outside the country(you said you would talk later but didn't talk about that)
@@beaviswealth wow so thankful that you replied to my comment. I am your fan..I still had a doubt though..I am working remotely due to covid, so I spend more than 6 months in another country this year..so does it mean I don't get this year's room and have to remove any excess contribution?
Hi Marc, Thanks for the video. I have a question regarding selling part of a holding at a loss from a taxable account and then repurchasing in a tfsa or rrrsp account. Would the superficial loss rule apply here?
I believe it would still apply, yes. You'd sell, contribute the cash, and wait the required time before buying the same property back. Hope that helps. - Marc
📈📚 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
In this video, we'll cover everything you need to know to manage your TFSA properly.
Can we buy Chinese companies' ADR listed on US market?
How would one go about scouting companies to invest in ?
My son has disability , so l opened for him 2 FTSA because he works a few hrs a week, he gets paid bi-weekly , so l arranged with the back to take some of the pay and put it in his FTSA , l don't know if this is the right way to contribute , l did send u a msg Mr. Beavis on messenger but waiting for u to respond , l really need ur help , because the bank doesnt explain enough for me to understand, much apprecited
This one deserves the ultimate tag! Marc outdid Brandon on this one. Now if you can make one for RESPs I would be ecstatic.
Thanks Kun. I'll be sure to add RESP to the to do list. - Marc
Marc always does!
this is absolutely golden!!! pure researched knowledge!!! for free!!! thank you so much for getting deeper in the world of TFSA. if everyone starts with this video, were all better off!! thanks marc!
Thanks a ton. Really appreciate your support. - Marc
Wow, I learned a LOT of new things. For free TH-cam content, this is above and beyond what is usually free.
Thanks, Michael. I appreciate that. - Marc
Brilliant episode Marc! The TFSA is such a powerful tool for Canadians and you hit all the nails on the head.I’m sure this episode will be referred back to many times by many people. Perfect! 👍👍👍
Hey Derek. Thanks a ton for your nice comment, and for supporting the channel as you always do. - Marc
One of the most detailed TFSA videos on the web- great work!
Thanks, Rick. Appreciate your comment. - Marc
Great video as always. I would add another important reason you might not want to use your TFSA account to speculate on risky investments. In addition to just not being able to deduct to deduct the loss, you also permanently lose that same amount or room in your TFSA going forward. It might be tempting to buy that penny stock hoping it doubles, triples, or go through the moon all tax free, but if the same stock goes to zero, you have nothing. Just think about how much the same amount might have been worth if had been allowed to grow, and compound during your lifetime prior to needing it at retirement. To the rich who can afford to speculate because they could afford a loss , do what you want, but for the rest of us, I think we should be very prudent with our TFSAs. I speak from experience, as someone who lost quite a bit of money in my TFSA and has taken years to break even again. Whereas my regular portfolio had done just fine because I wasn't so greedy.
Great comment, Ryan, and thanks for sharing your experience. When these were rolled out in 2009, I was shocked at how many people who had spent their entire lives buying GICs, were all of a sudden high risk investors. Blew me away. Thanks for watching. - Marc
This video is legendary! The fact that it is an all in one makes it the best of the best. These videos need to be long and full of information so that we can save them and go back to them whenever we are looking for knowledge. Marc you are the best! Every account should have a video like this!
Wow.. thanks for your nice comments. I try to keep these at a reasonable length, but I wanted this to be all encompassing rather than breaking it down into smaller videos. I might do some in the future on various sections, but this was the long one! Thanks for watching, and I'm glad you enjoyed. - Marc
Thank goodness for TH-cam - and this channel!
Thanks for watching - Marc
Great video with some misconceptions I was not even aware of.
I will say this though: 2 reasons I prefer investing in my TFSA than in an RRSP are:
1. I expect to make more money - and hence be in a higher tax bracket - after the withdrawal age for RRSP
2. We know today what our tax brackets are. We do not know what they will be in 20, 30, 40 years. So you could make a plan where you put money in at a 30% bracket and get a nice chunk of return, but in 30 years, you will have to pay 70% of taxes on your withdrawals. Not saying this will happen, but we don't know what the future holds
As much as money today (the tax return from your RRSP to reinvest) is better than money tomorrow, in this case I find the 2 points above outweigh this mantra. In all other circumstances, I prefer money today because I know I can 10X it.
Appreciate you sharing your thoughts. All the best as you move down this investment journey. - Marc
Totally agree! Can you imagine us paying less taxes 20 or 30 years from now? Definitely NOT! And I am aiming to make a higher income in retirement than I make now, cause with inflation alone, I will need make more to survive. I rather pay the tax now at this rate, than pay the tax for later, which will for sure be higher.
Thanks for another great video, Marc! I'm so glad you clarified at 35:50 mins that you can contribute "100K" vs. $75,500 (your TFSA jar grew).
Glad it was helpful! It's something that seems to always cause confusion. - Marc
Went back and listened to this point! I had no idea you could put back the limit PLUS growth back the following year! Awesome to know that!
Marc once again you knocked it out of the park! you gave me much to chew on with the succession angle, my wife thanks you
Thanks for your comment. And tell your wife she's welcome. 😄 - Marc
The best video out there on TFSA! When next time someone asks me a question on TFSA, all I have to do is forward this video!
Wow, thanks, and I'm really glad you found this video useful. Cheers. - Marc
Thanks a lot for the most detailed explanation on TFSA available online!
I once had an overcontribution on the TFSA, I had over 10K sitting there for a year (not even invested), I read wrong the CRA and where I thought it was my contribution room, actually was in bold and in between (10k) brackets so was an overcontribution. The penalty I had to pay was quite big. I paid the full amount immediately and fix the overcontribution, but I also write a detailed letter explaining my mistake to the CRA. They acknowledge that was not a delivered mistake, and give me a refund of the penalty I paid. So at the end they are humans too. Obviously try to never overcontribute, but if it happens you can explain to them your mistake and you have some room of time to fix it.
Oh wow... thanks for sharing your story, and I'm thrilled it had a happy ending. 🙂- Marc
Looking for topic ideas? How about educating folks about pros and cons of self employment in this gig economy
Best video yet! Definitely do more of these! I learned so much
Thanks. Really happy you were able to learn from watching. - Marc
Awesome and details Video…Thank you very much 4 sharing
You're welcome, and thanks for watching. - Marc
All I can say is thank you, and for sure I will share this to my friends.
You're welcome, and thanks for considering sharing the video. Much appreciated. - Marc
Marc is BOSS LEVEL!!!
Thanks Chris! We appreciate your support. 👍 - Marc
Made the mistake of withdrawing TFSA instead of transferring between TFSA. Great vid, wish the government could better inform young adults of this info.
Yah, that's pretty common. Hopefully this video will save at least a few people from doing that! - Marc
Such an amazing guide! Already shared it with some of my friends that have been looking for this info :)
Awesome, and thank you so much for sharing the video. Appreciate you commenting and so glad you enjoyed the video - Marc
what a great presentation in layman's terms. Was on point and of great help
Thank you very much. - Marc
This was perfect! The bookmarks throughout the video make it ideal to locate particular info on TFSA. Thank you for such a well organized video preparation. 👍🇨🇦🍁😀😷💉
Wow amazing info!! Thank you so much!!! I did wonder about this and couldn't find it anywhere else!!🥰🙏
Glad it was helpful, Serena. We appreciate you watching. - Marc
Simply put, this is the defacto TFSA video anyone should watch if they're at all interested in this investment vehicle. Incredibly thorough and well presented.
Thank you for much. - Marc
Brilliant Marc! Thanks for putting this together for us.
I love watching interesting information about Canadian market. Thanks.
Cheers. - Marc
EXCELLENT Marc. Best info on TFSA-day trading. I have seen numerous videos on this issue and NO ONE laid it out as clearly as you did. 👍👍👍👍👍
Thanks so much... appreciate your kind comment. - Marc
Love your contents and details
Great video, very informative! Thank you😁😁
Glad it was helpful, Brian. Thanks for watching and for taking the time to leave your comment. - Marc
Thx so much! This video helps me a lot and it's probably the most easiest and detailed one to understand so far on TH-cam.
Man, really really enjoyed this one. Fantastic content.
Thanks Christian. Glad you enjoyed the video and content, and we appreciate you supporting the channel. Cheers. - Marc
Such a great resource. Well done!
Thanks, Troy, and thanks for your support. - Marc
What a wealth a knowledge! Thank you Marc and The Academy. Broly
Thanks a ton! Truly appreciate your support of our channel and Academy. 👍 - Marc
Excellent video to learn more then just the basics on a TFSA!
Thanks, Bruce. A bit deeper and longer, but hopefully it will provide good, rounded info. - Marc
Great video Marc, I believe you pretty much covered every aspect of TFSAs. We sold our house last year and have a small surplus, so my wife and I will both open individual TFSAs as I understand we can't have a joint account. Another question I've wondered about is this; can a person put the deed to real estate inside a TFSA account as long as it doesn't exceed the limit? Say something like a piece of land or lot. Is this possible? Thanks Marc
I really appreciate the successor holder information.
You bet. - Marc
This was truly amazingly informative, I have learnt a lot. Thank you...
Thanks, Christine. Thanks for watching. - Marc
The free TFSA tracker link no longer works, older video. Can you send or reestablish?
Great video Marc! Very well explained!! I wish I had seen this video before I made couple mistakes which you have mentioned in the video!! lol.. For sure it will help a lot of people !!
Thanks for commenting, and I hope your 'mistake' wasn't too big! I did the same thing many, many years ago, but with my RRSP, not my TFSA. Pretty much the same though, and we learn from our mistakes. Glad you enjoyed the video, and thanks for your support. - Marc
Extremely useful video! Would love to see a video by Mark about the RRSP.
Thanks for your comment. I will do an RRSP at some point... maybe later in the year or early 2022. - Marc
or more details about deciding between a TFSA and RRSP...a few scenarios as examples.
Amazing presentation on a complicated subject - comprehensive, concise and detailed analysis.
Thank you for sharing your knowledge.
The best of the best of knowledge and experience Thank you very much
Just a heads up in applying with The online CRA account. If They have issues with your email account in any way, you will not have access to your account even if you try to access your account through the option of going through your bank.
You would think accessing it through your bank would get you into your account but no.
When you use the online CRA account you will NOT get mail from them.
I had to call the CRA to see what was happening and that’s what I was told.
Sucks when you owe the government taxes yet don’t get the info regarding owing them then you are charged late fees as well.
Lesson learned 😁
Great breakdown - One of the most advantageous accounts offered to us Canadians 🤑
Thanks a ton. Appreciate your support. - Marc
definitely the best guide for tfsa
Thanks a lot, Jon. Appreciate you watching. - Marc
So much learning in this video, thanks.
Thanks Anne. Always appreciate that you take the time to leave a comment. - Marc
Great content Mark and Brandon! More of this videos... Thank you for all topics you are sharing.
You bet. Thanks for taking the time to watch and comment. - Marc
Could you please do a RDSP? The rules are tricky in that one. I know it’s not for most people but disabled people should be fully aware of the benefits it provides. And who knows, someone could easily need it one day if some unforeseen accident happens right? 🤷♂️
Thanks mark great video!
What do you consider a low, medium or high income?
Thank you very much. The more people that find out this information the more people can benefit. It’s such an important asset. Great video.
Thank you very much, and I'm glad it was helpful! - Marc
Great info. Your channel continues to provide awesome info, especially to the younger generation of Canadian investors.
Thanks so much. We appreciate your support. - Marc
This video was great! Thank you for your time into developing such great resources!!
Thanks, Nancy, and you're welcome. - Marc
So much detailed video . Very informative . I learnt so much. Could please make one for resp as well
Great video once again, really helpful guide that covers everything you need to know about a TFSA
Thanks. - Marc
Very helpful thanks!
You're welcome, and thanks for watching. - Marc
Thank you. Avery informative, clear and straight forward video. I'm subscribed but am going to check out the investment academy.
Hi William. Thanks for watching and for taking the time to leave your comment. - Marc
Great information! I think the name is misleading, should be called the Tax Free Investing Account. I fell into the savings trap early on and didn’t realize the broad range of investments that could be held.
Agreed... so many people think it's just for a GIC. Thanks for commenting. - Marc
Very informative, can you have more than one RRSP , let’s say Questrade and WealthSimple ?
Yes, you can have multiple RRSPs. You just need to keep within the limits of your contribution room between them. - Marc
Los impuestas son un tema que me genera conflicto, aquí en Colombia evito pagarlos (legalmente) porque el gobierno se roba el dinero, prefiero ayudar a las personas directamente, pero en Canadá no evitaría mis impuestas, estaría gustoso de pagar unos impuestos altos porque veo que el gobierno los distribuye mucho mejor para las personas. Me encantó toda la información Marc!
"Taxes are an issue that generates conflict for me, here in Colombia I avoid paying them (legally) because the government steals the money, I prefer to help people directly, but in Canada I would not avoid my taxes, I would be happy to pay high taxes because I see that the government distributes them much better for the people. I loved all the information Marc!"
Hola Juan. Thanks for watching, as always, and for leaving your comments!- Marc
This video was very helpful and easy to follow. Thank you!
Glad it was helpful, Michelle. Thanks for taking the time to comment. - Marc
Great video Marc. One question in regards to day trading. When you said they look at the amount of trades you make. You would mean a trade is a buy and sell the same stock in min hrs. I make a lot of buys every week but very rarely sell as I’m a buy and hold investor for my TFSA. So I would have no issues. I just buy small amounts very frequently because I’m using Wealthsimple with no commission and buy when I can lower my average cost and gets me a better yield on my dividends.
If you're buying, even in small amounts, and rarely selling, that falls far outside the guidelines that are used to determine whether you're running a 'business' inside your TFSA. From what you describe, you don't have a worry in the world. - Marc
Can you do a video on other registered accounts like RESP RDSP etc.
Thanks for your free great info, keep up your awesome job.
Our pleasure. Thanks for watching. - Marc
Another amazing Video. Thanks Marc.
At 31:26 "Strategy #3" you gave confusing information about the money you are gifting your children. This Money is always Post Tax money, RIGHT?. Except if it comes out of your TFSA and it was earnings you made within the TFSA then I guess you could claim that this money is Tax FREE that the kids are getting. Then if they place it in their TFSA (if Room is available) then the gifted money would never be taxed. If that is what you are saying then I agree.
I had to listen to Strategy #3 3x because I thought maybe you were saying that there was some way to gift money to your children by transferring money from your TFSA directly to their TFSA but no you didn't say that. I still find your statements confusing, when you said "Rather than just giving them money that you paid tax on."
The good news is that the Tax Free money you take out of your TFSA to give to your children for their TFSA can be replaced the next year with new after tax money that you make because this withdrawal creates new room in your TFSA.
I wonder if Politicians are eyeing all this money in TFSAs as they struggle to balance their budgets after the Pandemic is over? Hmmmm? You know what they say "All Good Things Come to an END".
Again I love your Father / Son Videos so inspiring. ❤❤
Thanks for your comment and question. I relistened to that segment and realize I wasn't specific. You cannot transfer directly from your TFSA to their TFSA, no. You can, though, withdraw from your TFSA, tax free, and gift them the money, which they could then put into their TFSA. This is obviously dependent upon your other circumstances, but it is an option. You point out that you do get that contribution room back the following year, so for some people, this might make sense. I hope that's clearer. Thanks again for asking for clarification.
I would be surprised if the current TFSA rules were changed to raise funds for the pandemic support, but who knows... it's got to come from somewhere!
Thanks again for your continued support. We appreciate having you as part of our community. - Marc
@@beaviswealth Thanks Marc for taking the time to reply. I really appreciate you guys. Pure Canadian content about investing on TH-cam is very scarce due to our Big Brother to the South having 10x the population. Hopefully as Global warming converts BC to the new California the numbers will balance out in the Future. 😄 Cheers 🍺🍺
Nice summary of mistakes!
I know the designated exchange list is long....but which brokers offer TFSAs that can access anything but Canadian and US exchanges? I can't find any.
Nice summary of TFSA s, not mistakes!
Is there foreign withholding tax for an ETF with US holdings that is traded in TSX? Also, would this ETF be a bad choice to buy in TFSA?
Marc, another home run 👏👏
Thanks a ton. Appreciate you watching our content. - Marc
Im always concerned of how many trades i make in my tfsa, regarding it getting flagged by cra. Wish cra was less vague on what spicificly is allowed
Agreed. Ultimately, it's up a a judge, I guess, and they just look at the specific facts and made a decision. If it were black and white, it would be much better. - Marc
As always, great video! Nice to see well presented Canadian content - much appreciated!!
Thanks, Kimmy. - Marc
TFSA vs RRSP, if one has lottery winnings, insurance payout or inheritance which is already tax free, is there an issue putting it into an RRSP, then being taxed when it gets withdrawn? I realize there is a tax credit for the contribution in the tax year it's put into the RRSP, but I'm not sure in the end if it would be better to invest those funds into a TFSA or an RRSP?
Hi Michael. It would depend on other factors, such as what your income level is, and how long you'd be planning to leave the funds inside the RRSP. Those are just a couple of things you'd need to consider. I don't think there's a blanket answer as to which is better. Thanks for your comment, and for asking. - Marc
About the foreign withholding tax in a TSFA, does it apply only to regular dividends or does it also apply to distributions categorized as capital gain, return of capital, interest, etc... ?
The withholding applies to dividends specifically. Other gains inside a TFSA are tax free. Thanks for your comment and question. - Marc
Amazing video Mark, lots of work and research put into this one. Very helpful and informative.
Thanks so much, and thank for watching. - Marc
Great video.
Thanks a ton. - Marc
Thanks for your videos! Great educational information. I have a question for you! I recently opened a TFSA and have started putting a bit of money into it each month. However, I have no clue how to actually "invest" it! Theres a lot of information out there and I have no idea where to begin.
Hi Liz, and thanks for watching and commenting. You're right, there is a ton of information out there and it's hard to know where to begin. To get some ideas, feel free to check out our Investing Academy for some ideas. You can enroll in our Free Course just to get some ideas, at least to start. The link is www.theinvestingacademy.ca. Thanks again for watching. - Marc
Thanks so much for the information! I learned a lot :)
Glad it was helpful, Raheleh. Thanks. - Marc
Can you make one for RRSPS!!!!
Thank you sir...
Can you also explain the Define Contribution Pension Plan?
Another banger.
Thanks, Alex. Cheers. - Marc
Can you clarify: If you sell stocks in your TFSA that you’ve had for over a year, but don’t cash it, do you pay capital gain? Eg: buy TSLA for 400 in 2019, sell for 800 in 2022. But you use that money to buy ENB.to instead of withdrawing it. Do you have to pay capital gain for that?
You do not pay tax on capital gains in a TFSA. Hope that clarifies it! - Marc
Great video. Thank you Marc
Thank you very much; we appreciate your support. - Marc
How do you know if the stock is a non qualified investment? Thanks
Great TSFA presentation, Brandon. Is there a video that we can view about RRIF's, like would it better to invest in our RRIF's vs TSFA's ?
Thank you so much
Michael
Thanks for your comment, Michael. I suspect we'll do a video on RRIFs, etc., at some point. Probably in the near year. - Marc
Thank you so much for your amazing explain.
Thanks Doe, for watching and commenting. - Marc
I am just starting to watch this video and what I am hoping to get out of it is: Is there any point of putting money into a TSFA for retirement if you still have room in your RRSP? If it matters I am 54 and will be retiring in 12 years with a 20 year defined benefits pension.
Great info!!! Thank you.
Thanks, and you're welcome. Thanks for watching. - Marc
30 years old, just found out about the benefits about a TFSA, thank you for this video.
You bet... thank you for taking the time to tune in and watch. - Marc
Not too late
This video would really benefit from sections in the playbar.
The video should show chapters... I think that's what you're looking for? Thanks. - Marc
@@beaviswealth yeah exactly. Simply because some of the stuff I already knew, some was new info.
Plus if I have to go back and find a specific thing it would be helpful.
❤❤❤
How would a person name a successor holder on wealthsimple or questrade ?
The designation would be made at the time the account was opened, or if after, they would have a form you'd need to submit to make the change. - Marc
Can mutual funds be transferred into TFSA without paying tax. I may have missed this in your video
Hi Marc, good day to you, first i like to say thanks💯 for the information, it was very helpful to me and others too. I have a question i was hoping you able to help me. When using a brokerage, how im i able to make someone my beneficiary, what is the process? Since my TSFA is not from a bank account, Thank you.
Thanks and you're welcome. The dealer/company your TFSA is with will have a form that you'll complete to name/change a beneficiary. It will depend on the company you're with. Best of luck. - Marc
@@beaviswealth thanks
Thanks! This is a very useful video. You cleared a lot of misconceptions and given some great advice on TSFA. Please do one on RESP.
Thanks. I have had a couple of RESP requests, and have added it to my list of future videos. - Marc
Do dividend gains from Canadian listed companies go towards our contribution limit?
Hi I have a question. Does TFSA contribution limit depends on the year when you became a resident of Canada? Or the whole TFSA limit gets (if ones born before 1991) regardless of the year of residency canada? Please give me the government website link which shows that. Thanks
Hi Marc! Great video, your depth of knowledge has been such a blessing 😊 I’m a recent grad (23 years old) and I’ve maxed out both TFSA and RRSP. When I first began investing, I was definitely eager so I jumped in with little strategy. I currently hold many US blue chip companies in my TFSA along with volatile stocks such as Nio, palentir and alibaba. I was wondering, do you recommend perhaps opening up a margin account to allocate these growth stocks to? I’m not an active investor and I’m unsure what would be the best thing to do… Additionally, what do you think about investing student loans as the government recently extended their interest free period until 2023? Thank you so much!
Very good presentation but I think you missed to talk about the rules that would apply for Canadians living outside the country(you said you would talk later but didn't talk about that)
I discussed that at 22:22 and a couple of other mentions during the video. Thanks. - Marc
@@beaviswealth wow so thankful that you replied to my comment. I am your fan..I still had a doubt though..I am working remotely due to covid, so I spend more than 6 months in another country this year..so does it mean I don't get this year's room and have to remove any excess contribution?
Great video, question about being none resident, Can someone who become none resident still withdraw from existing TFSA??
I mean that would only make sense, if you were able to open a TFSA as a non-resident, You should be able to withdraw from it.
Yes, you can withdraw from a TFSA as a non-resident. - Marc
Hi Marc,
Thanks for the video. I have a question regarding selling part of a holding at a loss from a taxable account and then repurchasing in a tfsa or rrrsp account. Would the superficial loss rule apply here?
I believe it would still apply, yes. You'd sell, contribute the cash, and wait the required time before buying the same property back. Hope that helps. - Marc
@@beaviswealth yes that helps. Thanks for clarifying
Amazing explanation! I shared this with friends! Thank you!
Awesome, and thanks so much for sharing. - Marc
Added it to my favorites! :)