The Ultimate Guide to the TFSA: Building Wealth Tax-Free in Canada | xoreni

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  • เผยแพร่เมื่อ 19 ต.ค. 2024

ความคิดเห็น • 68

  • @oloruntobadavid3938
    @oloruntobadavid3938 ปีที่แล้ว

    I love this. Thanks to you and your dad. As I was directed from twitter, I never regret watching this

    • @xoReni
      @xoReni  ปีที่แล้ว

      You're the best! Thank you for watching!

  • @kycmorren_s7327
    @kycmorren_s7327 4 ปีที่แล้ว +6

    Hey beautiful, your skin is glowing sis

    • @xoReni
      @xoReni  4 ปีที่แล้ว +2

      Thank you lovely 🥰

  • @TheHappyblacky
    @TheHappyblacky 4 ปีที่แล้ว +3

    Very educative, I enjoyed watching this even though I don’t live in Canada. Also your hair is beautiful xx

    • @xoReni
      @xoReni  4 ปีที่แล้ว +1

      Thank you so much for watching! I hope they have something similar in your country 😊 and thank you so much, my first time going blonde 😝

  • @cycelraterta7938
    @cycelraterta7938 ปีที่แล้ว

    Helllo!! great videos! Can I open TFSA mutual funds with a bank and TFSA self-directed?

    • @xoReni
      @xoReni  ปีที่แล้ว

      Thank you! Yes you can do both

  • @bri9
    @bri9 4 ปีที่แล้ว +11

    Love your videos! It's so amazing to see a young black Canadian professional who's into finance! You're so helpful 😊

    • @xoReni
      @xoReni  4 ปีที่แล้ว +2

      Thank you so much Bri! I appreciate that 😊

  • @SuzanSueNaka
    @SuzanSueNaka 4 ปีที่แล้ว +3

    I enjoyed it and where I live we don't have this kind of savings. Thanks for sharing

  • @solomonaregbe9994
    @solomonaregbe9994 4 ปีที่แล้ว +7

    Im well informed with TFSA now since june after your first video. I remember how i have to reach out to you and your dad to have the self direct investment part going into stocks. Done , set up for the next 15 yrs....i can see funds fluctuation....but lm very happy .
    Morenike thanks to you , mum and dad. You all are my mentor now....glory be to God.
    Im putting $s and #s together for the London investment....will reach out again soooon
    Thanks

    • @xoReni
      @xoReni  4 ปีที่แล้ว +1

      Thank you so much sir 😊

  •  4 ปีที่แล้ว +2

    i love watching your videos. Although I dont live in Canada your tips and guidance can be attributed anywhere

    • @xoReni
      @xoReni  4 ปีที่แล้ว

      Thank you so much !!

  • @kelsmoshigh
    @kelsmoshigh 4 ปีที่แล้ว +1

    Excellent video!!

    • @xoReni
      @xoReni  4 ปีที่แล้ว +1

      Thank you very much!

  • @kehindemohammed9157
    @kehindemohammed9157 4 ปีที่แล้ว +3

    I love everyone of your videos. This was very summarized and simple to understand. Keep it up.

    • @xoReni
      @xoReni  4 ปีที่แล้ว +1

      Thank you so much Kehinde! If you have any specific topics you want to see, please let me know ☺️

  • @jasmines7374
    @jasmines7374 4 ปีที่แล้ว +3

    Thank you so much for breaking this down for us, sis. This is so helpful!

    • @xoReni
      @xoReni  4 ปีที่แล้ว +1

      Thank you sis, so glad it was helpful! If you have other questions let me know 😊

  • @GrowingFinancially
    @GrowingFinancially 4 ปีที่แล้ว +3

    Great info, in the UK we call in ISA. :)

    • @xoReni
      @xoReni  4 ปีที่แล้ว

      Thank you!! Do you have a video about the ISA so I can link it in my description box?

  • @femiadewuyi1917
    @femiadewuyi1917 4 ปีที่แล้ว

    Thanks for this video.

    • @xoReni
      @xoReni  4 ปีที่แล้ว

      Thank you for watching 😊

  • @Princessase
    @Princessase 4 ปีที่แล้ว +3

    This was such great information and will help me when I turn 18

    • @xoReni
      @xoReni  4 ปีที่แล้ว +1

      So happy to hear that you’re going to start so young! You’re on the right track 🥰

  • @riyagundu5525
    @riyagundu5525 4 ปีที่แล้ว +1

    TFSA ALL THE WAY QUEEN

    • @xoReni
      @xoReni  4 ปีที่แล้ว +1

      IT IS THE BEST!!!

  • @blessngifted
    @blessngifted 4 ปีที่แล้ว +1

    Hey you're in Canada! 🙂
    Love the TFSA had one for years.

    • @xoReni
      @xoReni  4 ปีที่แล้ว +1

      the TFSA is the best account in Canada :D

  • @janishagerald6983
    @janishagerald6983 4 ปีที่แล้ว +2

    Canada seems to always have their stuff together for their citizens. Thank you for sharing

    • @xoReni
      @xoReni  4 ปีที่แล้ว +1

      They really do!! The US has something similar too 😊

  • @akwaabab8504
    @akwaabab8504 3 ปีที่แล้ว

    a person can also take out money from their RRSP for schooling.

    • @xoReni
      @xoReni  3 ปีที่แล้ว

      Only up to $10k and must be repaid. Better off using your tfsa

  • @lovelylanya
    @lovelylanya 4 ปีที่แล้ว +1

    this very informative all though im from the us but still good info

    • @xoReni
      @xoReni  4 ปีที่แล้ว

      Glad it was helpful!

  • @BlessingBamiduro
    @BlessingBamiduro 3 ปีที่แล้ว

    Runs to TD bank

    • @xoReni
      @xoReni  3 ปีที่แล้ว

      Hahaha yes!!

  • @skyyelevyn7941
    @skyyelevyn7941 4 ปีที่แล้ว +1

    Not that you didn't explain it well but I'm still not sure exactly whata tfsa is ....it's something I am interested in , is it only in Canada?? Is it like a IRA?

    • @xoReni
      @xoReni  4 ปีที่แล้ว +1

      It’s only in Canada! Yes it is similar to an ROTH IRA in the US - I have a link in the description that explains the IRA 😊

  • @ahounfe
    @ahounfe 3 ปีที่แล้ว +1

    great video! been looking to understand how this works for a while now.
    i have a question, if you don’t withdraw your money from your TFSA by the end of the year & your contribution room reset, would that include the money you already have in it ?
    for example, if you have like $20,000 still in your TFSA by the end of the year & your contribution room for next year is like $60,000, does that mean you only have $40,000 contribution room left ?

    • @xoReni
      @xoReni  3 ปีที่แล้ว

      Correct! 40,000 plus whatever the new contribution is for the new year

  • @tiffany8382
    @tiffany8382 4 ปีที่แล้ว

    Hi, great video! I too have a TFSA account the saving kind. Is it okay to open another TFSA for investing without being penalized by the gov't.

    • @xoReni
      @xoReni  4 ปีที่แล้ว

      Thank you Tiffany! Yes it is definitely okay. You can actually have as many TFSAs as you want as long as you don’t go over the contribution limit

  • @recaptok
    @recaptok 4 ปีที่แล้ว +1

    Are you only allowed to have one TFSA? Can you have one from a bank and another from wealthsimple?

    • @recaptok
      @recaptok 4 ปีที่แล้ว

      And which would you recommend (specifically RBC or Wealthsimple haha)

    • @xoReni
      @xoReni  4 ปีที่แล้ว +2

      Lavita you can have as many as you wish as long as you don’t go over the contribution limit! I would just beware of the costs of having the accounts (if any).
      I’ve only used wealth simple so I can’t comment on RBC unfortunately. Wealth simple has a great platform tho!

    • @recaptok
      @recaptok 4 ปีที่แล้ว

      xoReni thanks for the quick reply!!! 💛

    • @xoReni
      @xoReni  4 ปีที่แล้ว

      You’re welcome! Thanks for watching 😊

  • @sandiezzz
    @sandiezzz 3 ปีที่แล้ว

    I just opened a TFSA yesterday. This might seem daft but how does the stock buying you did on another video with TD relate to this type of investing. Does it happen on the same account ?

    • @xoReni
      @xoReni  3 ปีที่แล้ว

      You have to ask the bank to open a TFSA for investing! Most times they only open the one for savings

  • @guzu_p4360
    @guzu_p4360 2 ปีที่แล้ว

    What's the percentage returns in a TFSA account?

    • @xoReni
      @xoReni  2 ปีที่แล้ว

      It depends on what you invest in!

    • @guzu_p4360
      @guzu_p4360 2 ปีที่แล้ว

      @@xoReni so what's the percentage for Amazon, Facebook and Microsoft and is it monthly or annually?

    • @xoReni
      @xoReni  2 ปีที่แล้ว +1

      @@guzu_p4360 for each stock you’re interested in, go on Google and search the name of the company + stock price and it will show you a graph of the growth of the company over whatever time period. Example: “Amazon stock price” www.google.ca/search?q=amazon+stock+price&ie=UTF-8&oe=UTF-8&hl=en-ca&client=safari

    • @guzu_p4360
      @guzu_p4360 2 ปีที่แล้ว

      @@xoReni thank you soo much

  • @Litaaz
    @Litaaz 4 ปีที่แล้ว

    Great video! Is there a way to convert a savings TFSA to an investing TFSA?

    • @xoReni
      @xoReni  4 ปีที่แล้ว +1

      Thank you Kyle! You can open a TFSA for investing and then transfer the funds from the savings into it. I don’t believe you can convert it though 🤔

    • @Litaaz
      @Litaaz 4 ปีที่แล้ว

      @@xoReni thanks for the info!

  • @nkirukauzoigwe3824
    @nkirukauzoigwe3824 3 ปีที่แล้ว

    Hi , so I open a TFSA investing account
    Can I max the account to save cash considering. I will not be investing in drip or is there a best way to save cash

    • @xoReni
      @xoReni  3 ปีที่แล้ว

      Yes you can use the TFSA to save cash or you can put it in high interest savings account. I would suggest you invest in your TFSA instead of save

    • @nkirukauzoigwe3824
      @nkirukauzoigwe3824 3 ปีที่แล้ว

      @@xoReni Thank you , makes sense with the HISA since I have the cash and in one of your videos you had mentioned investing in drips If one has large amount of cash on hand
      Thank you for your response
      If it’s not so much to ask , can you look at the EQ bank new TFSA account and advise what you think?

    • @xoReni
      @xoReni  3 ปีที่แล้ว

      @@nkirukauzoigwe3824 I’m not sure I understand your question

  • @taylorbrown6207
    @taylorbrown6207 4 ปีที่แล้ว

    If you invest it and it doesn't grow because you didn't invest in a company that gained in the market, do you get screwed over? I'm so financially illiterate 😣 love your videos so much

    • @xoReni
      @xoReni  4 ปีที่แล้ว

      If it goes down you have a loss, but that doesn't mean you're screwed! It can always go back up. Research extensively before investing and you are less likely to face this!! I hope this helps. Message me on IG if you have more questions

  • @buchinwaghodo4580
    @buchinwaghodo4580 4 ปีที่แล้ว +2

    Beauty and BRAINS

    • @xoReni
      @xoReni  4 ปีที่แล้ว +1

      Aww thank you! 😊