📈📚 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
This is great advice! To answer your question on why people don't invest is because they probably don't have the extra savings or room to invest and are probably living hand to mouth. Others just may not have stable jobs/careers.
Important to know about dividend payments in TFSA accounts: A 15% withholding tax will be applied on dividends generated from US equities since the US government does not consider TFSA as a retirement account.
Excellent video, topped our TFSA's thanks to you. Love your enthusiasm Brandon, you have found your calling, keep up the good work. Happy New Year to your family.
Amazing video as always. Thank you, Brandon! I have a video suggestion if you have the time :) Basically, a breakdown of investing in US stocks and ETFs and the pros and cons that come with it. I checked out your IRS withholding tax video and it was incredibly informative. In that, you mention conversion fees as being something we’d want to watch out for. It would be great if you could do a detailed breakdown of other factors to watch out for 😊
Just subscribed! Since you’re in Canada 🍁 figured you’d be a great person to learn from since many cross border advisors don’t apply to us I believe .. not sure haha 😆
Thanks for the vids. Im really trying to understand financial planning. I Have thousands sitting in chequing and savings and have no idea what to do with it.
@1:56 How does this work for a new immigrant? If they were not a resident of Canada before a specific year do they also get the complete contribution limit before the year they became a resident of Canada?
At around 16:24 , you talked about loosing the TFSA contribution space permanently , this only happens if you cash-out of you TFSA account, correct ? I hope you are talking about withdrawing out of the TFSA account. Last year I sold some share to later buy other company shares .
Shout out to all the future tax free millionaires! My suggestion is to focus on growth companies long term over blue chip dividend payers. Tfsa dividends get taxed on US holdings. Exponential growth is for real! Been very fortunate.
Hey Brandon, great video like always. Quick question. I turned 18 in 2009, but immigrated to Canada in 2013. So my 1st tax return was for 2013. I assume I don't get the TFSA contribution room for 2009-2012. But my CRA account DOES include that in their calculations. Should I call them? Or let it be, and do my own calculations?
call them and clarify - speaking from experience, its really annoying finding out youve overcontributed 10 or 11 months later and theyve been charging you penalty each month. Yes you are correct you only get the room if you file a tax return for that year
Alot People just don’t have the spare money to put into tfsas or rrsps which is sad, inflation is just crazy high, food is insane, rent, etc, and the wage isn’t going up, the gap is huge
@@petervaneverdink448 You didnt listen. The inflation is taking any spare money and gobbling it up. The BoC needs to hike interest to 5 percent already.
Maybe look into The Budget Mom…she has great methods for saving. Even for those who don’t think they can. Even $25/mth is better than nothing giving compound interest.
@@petervaneverdink448 how is that possible when people work 40+ hours a week and have responsibilities… yeah let’s just find a random way to make 100 bucks, how about why can’t we live life and relax.. oh yeah capitalism
Question, is the total contribution amount what counts, what I mean is if you take money out of your TFSA to invest, are you able to put an equal amount of money back into it without going over the limit?
How about taking the $6000 or more and putting it into your RRSP instead of TFSA. Basically expecting to get a good tax return and then investing that return into your TFSA. I am probably going this route.
RRSP is a waste of time unless you are trying to lower your taxable income. I hate rrsps since theyre locked in and you get dinged tax when you take it out. At this day where everything is more volatile youre better to be able to have more control over your money and be able to use without being penalized.
Love this, great video as usual, hoping for a more stock picks videos, lets talk about BA, DIS, PYPL.. etc good companies that did not do well last year..
Hello and thank you for the video. I liked your video and subscribed as well... What would you suggest for older people in their late 50s with money sitting in their TFSA Account doing nothing?. ..I like to learn how to invest this money (in TFSA/ A) Or how to make this money grow. to see a good return in 10-15 years. Do you think I should invest let say $20K in a couple of dividend stock or what would you do. All I want to see is a good return in the next 10-15 or even in 20 years. Thank you.
Hey Brandon, How long do you need to keep investments in your TFSA account, before you can sell them? Silly question, but what is consider longterm investments, short term investments and day trading?
I am looking at buying more stocks in grocery store based I am not shue of NWC but has a 4% dividend my dol is on a bull run and have no idea when it will trade sideways I like AAA stocks for my tfsa i quit high risk with my tfsa
i was born on december 28th 2002, i looked at my cra account and it says my limit is 18,000 which makes sense however, my trusted and experienced investing friend advised me not to use up 18k and instead only do 12k because he was scared i was gonna go over and be penalized, i tried calling the cra multiple times with no success. im really trying to max out my tfsa every year. what im asking is, is my TFSA contribution limit 12k or 18k if i was born in 2002.(i konw it says 18k in the video)
Would not recommend GICs with these low rates that become more worthless as inflation rises. Maybe TIPs or the Canadian-equivalent RRBs if you want a conservative portion in your portfolio.
I was thinking of keeping TFSA for growth stocks and some defensive stocks and use a tax account for dividend stocks since the high dividend ones don’t have much growth. is that a good strat?
Regarding Pro Tip #2 (spouse as successor), when the spouse dies and the TFSA transfers over to the living spouse... what is the rule if the total amount of combined TFSAs is over the allowable contribution limit for one person only? For example, spouse 1 TFSA = 75k and spouse 2 TFSA = 70k and assume limit for one person is 80k ... If spouse 1 dies and have spouse 2 as successor, spouse 2 will end up with 145k. Will spouse 2 be subjected to tax for over contributions and why? Thanks in advance!
im still kinda beginner. I am no where near close to maxing the tfsa, nor have the funds to even do so. Is this bad? Should i focus on maxing it first?
Is there a discord channel that you use or recommend ? I am looking to surround myself with people who can help me learn more about investing and growing wealth. Thank you for your videos and your time 😀
Thanks for the video.. very helpful.. If I was choosing the ETF way, should I invest entire 6k in January itself or break it down to monthly SIP payments?
I had the utmost confidence in you and looked up to you for guidance. Now things have changed all because you wore a shirt with the word "Toronto". I can no longer look at you the same way.
Hey Brandon, Happy new Year and thanks for fantastic video. I would like to bring up Pembina Pipeline stock which pays out monthly. Little puzzled by the dividend payouts every month? Could you please elab more on it if possible? Thanks a lot.
Hi I have 1 question regarding tfsa If I sell a stock that I hold in my tfsa account that will be considered as a withdrawal , even I just sell it not withdrawing money from the account?
When you sell a stock and it is just cash within your tfsa, then it’s not classified as a withdrawal until you actually take it out of your account. You can buy a different stock if you wish and not effect your contribution room. Some people have huge tfsa accounts from savvy stock buys and sells. Just don’t buy and sell too often or the cra will start to take notice 😉
What do you think about the Etherium ETF fund for the TFSA ? ETHX Been hearing a lot about the Etherium 2.0 and its scaling that is going to happen in 2022/2023 that should make it a growth investment I was thinking about holding for long term like 10 years. Never bought into crypto before but this is an ETF so its different or is it better to buy the crypto itself ?
Quick question- if my TFSA limit is 40500 for this year and it exceeds to 50000 next month then can I sell and withdraw the profit or keep there? How does it work?
When you say reinvesting your dividends... is that eating some spafe from your yearlie contribution? You mentionned 72000$ after 20 year that not including extra cobtribution.. but only drip dividends reinvestment... so im confuse... i thought that exceeding the annual max was bad and comes with a penalty.
Hi, plz I have a question, am an international student here, I have a cotisation window of approximatly 23k in my TFSA. I created a questrade account and wanna try my luck. Pls if you can share at what price you think each of the blueship stocks are a best buy and also for the one you mentionned in the orher video(TSE:ATD, NYSE:LMT and TSE:MFC), I also like costco but I see that it's already on its ATH.
no not everything is tax free it depends on the investment like when you hold foreign investments that pay dividends. or fund conversion fees etc i am also wondering about fees like Management Expense Ratio (MER) but i see on welath simple they mention another fee so its confusing "The MER of this portfolio is 0.16% and the management fee of this portfolio is 0.50%." do you know what this breakdown is because i thought management fee is the same as MER or all included? and what about mutual funds is this tfsa where you juts let the institution do the work? what is interest rate vs return percentage? i have all these questions because im thinking of doing a tfsa for the first time with td bank but im not sure if there are better options and its a confusing sea out there so i was wondering if you can help, i have the max cont room of $81500, are you in toronto as well?
Thanks for the question. Please have a look at this video we've previously posted. At around 7:25, it covers beneficiaries. Thanks for watching. - Marc th-cam.com/video/0AfSYbhSsFQ/w-d-xo.html
How are you I would like to know from you the following please: Should I be concerned about my income taxes if I live outside of Canada as a retiree on vacation for a period of over 6 months every year and then return to Canada afterwards? Will my income tax be affected by my 6 months of living abroad? Will I lose my Canadian citizenship, O.H.I.P. and other benefits if I live outside Canada for a period of 11 months every year? Could I possibly live abroad for over 6 months every year...if yes what are the tax, and benefits implications for me? If, yes...will my Canada pension and O.A.S. pension, and income taxes be affected? As a Canadian resident I would like to know from you if it's possible for me to retire abroad for about 11 months every year while maintaining a home and, bank accounts in Canada and then return to Canada yearly to do my income tax and leave Canada again? Thank you.
If I was to invest 10 000$ in MRNA for example and the stock price dropped and I was to sell at a 10% loss, I would've lost 1000$ of contribution for ever? I would now have a limit of 80 500$ instead of 81 500$? So for every stock that I am unfortunately selling at a loss, that amount is being deducted from the maximum contribution amount correct?
@@cheynebest7028 I had ZERO intention in tax harvesting my TFSA but I'll pick way safer stocks from now on in order NOT to lose that contribution room. THX!!!
@@davidgagnecote5039 also if let's say you withdraw from your tfsa to make a purchase the following calendar year you can top up whatever you have withdrawn from your account. You don't lose contribution room that way... only selling at a lose. Cheers 🍻
on the flip side, if you grow your TFSA to 90k then your contribution room is now 90k if you chose to withdraw everything and recontribute next year. so selling something at a loss is not a terrible thing
Love the vids man. So useful. Can we get a vid on some good Canadian/US recovery stocks? In a previous vid you were talking about good investment during a recovery being things like appliances, farming equipment, materials, stuff like that. Would love to learn more 👍👍👍
I have a question. Let say I have tfsa limit of $5000 and I put $5000 in tfsa account and invested that money to shares. Now whatever dividend I earned from that shares will go to tfsa account by default which will increase the limit of TFSA account. What to do then?
Hi Kirti I can help answer this, but still do your own research. So any growth that you earn in your TSFA whether it’s from dividends or capital gains won’t affect you contribution limit. It’s the money you add into your TSFA that has to stay within the contribution limit. And any growth that happens inside the TSFA is tax sheltered.
Generally speaking, there are no minimums, however, lots of options for accounts you can open. Big bank mutual fund account, basic and boring high interest savings account or self directed account where you can buy individual stocks/ ETFs, etc Take a look at the robo advisor options like Wealth Simple. Easiest option for lower fees and quick diversification across the stock market.
Hi Brandon as usual great video. Thanks! My dilemma is where to put my growth investments like VFV or VUS if in RRSP, PRO: i wont have to pay witholding tax (because S&P are US stocks) CON: Pay Capital Gains tax later on since its Growth, it could grow over time really big. if TFSA PRO: no Capital Gain tax CON: Pay Witholding tax Which is the lesser evil? Thanks in advance.
In fact if you put VFV/VUS in your RRSP, you will still be subject to the 15% withholding tax on the dividends since they are both Canadian based ETFs. In order to avoid paying the withholding tax, you would have to buy their US based equivalent (VOO for VFV and VTI for VUS). Brandon made a video on that specific topic a few years back, here is the link: th-cam.com/video/omJ8P-uZKHI/w-d-xo.html
@@tonysanchez4313 Thanks for the info.! That makes my choice easier then, i'll put them on TFSA and save on long term Capital Gains tax. 👍 (I dont have US$ account and have no plan of opening one)
Hey Brandon, does the additional $6000 room this year in effect already? Or do I have to wait until after I file my taxes and CRA sends an email with my new room for TFSA and RRSP? Thanks for the video btw. Great content
📈📚 As always, if you're a beginner to the Stock Market in Canada and you're looking for a step-by-step blueprint on how to get started... Find out more about our Investing Academy here - bit.ly/theinvestingacademy
Scam
Fantastic strategy.
This is the kind of stuff that should be taught in schools!! Great stuff Brandon.
Didn't know you could lose space in your TFSA ..with bad stocks...a good reminder to pick wisely...thanks Brandon .
I'm definitely a GIC dude. Been using it for a year now on EQ, I'm risk-averse and just hate investing in the stock market.
This is great advice!
To answer your question on why people don't invest is because they probably don't have the extra savings or room to invest and are probably living hand to mouth. Others just may not have stable jobs/careers.
I love that you give info on the Canadian market! thank you
Hey Brandon just to complement your video for new immigrants to Canada the TFSA starts when you get your SIN number
So if i got my sin in Nov 2021, then the total TFSA till now would be 12000?
@@devilinyourbackyard yes
Loving the new intro, Brandon! Looking forward to the upcoming videos. Happy New Year :)
Important to know about dividend payments in TFSA accounts:
A 15% withholding tax will be applied on dividends generated from US equities since the US government does not consider TFSA as a retirement account.
This is not something we have to declare, right? This is taken care of automatically?
Best way is to buy Canadian stocks for high dividend focused return and American stocks focusing on growth return when using TFSA
Watching from Saskatoon Saskatchewan Canada 🇨🇦
Moved 102 shares or 3000$ of Telus from my cash account to TFSA
Added 5000$ of QQC Nasdaq etf to my TFSA
Excellent video, topped our TFSA's thanks to you. Love your enthusiasm Brandon, you have found your calling, keep up the good work. Happy New Year to your family.
Good job Brandon
Amazing video as always. Thank you, Brandon!
I have a video suggestion if you have the time :) Basically, a breakdown of investing in US stocks and ETFs and the pros and cons that come with it.
I checked out your IRS withholding tax video and it was incredibly informative. In that, you mention conversion fees as being something we’d want to watch out for. It would be great if you could do a detailed breakdown of other factors to watch out for 😊
Great video once again Brandon.
Love the tip about transferring money into your spouse's TFSA, definitely something I missed in my video. That's why you're the man!
Great video!
Thanks brandon for this great info.
Great video Brandon👍🏽
those are some great tips brandon. thanks again for the perfect tfsa video
Great video man, tons of great info here!
Just subscribed! Since you’re in Canada 🍁 figured you’d be a great person to learn from since many cross border advisors don’t apply to us I believe .. not sure haha 😆
This is the info I needed to hear
Thanks Brandon
Thanks for the vids. Im really trying to understand financial planning. I Have thousands sitting in chequing and savings and have no idea what to do with it.
@1:56 How does this work for a new immigrant? If they were not a resident of Canada before a specific year do they also get the complete contribution limit before the year they became a resident of Canada?
At around 16:24 , you talked about loosing the TFSA contribution space permanently , this only happens if you cash-out of you TFSA account, correct ? I hope you are talking about withdrawing out of the TFSA account. Last year I sold some share to later buy other company shares .
Hey Brandon, can you make the video of the mutual fund? Because I want to learn more about it. Thank you
Great video buddy!!
Shout out to all the future tax free millionaires! My suggestion is to focus on growth companies long term over blue chip dividend payers. Tfsa dividends get taxed on US holdings. Exponential growth is for real! Been very fortunate.
New music: you probably have heard the song "Hit the Road Jack". My 5 cents on your Ten Cent. :)
Ya I’m loving my 10 shares of Tesla in my tfsa
Took advantage of the tesla bear run in 2019 when the price halved with nothing but good news coming with Shanghai and model 3 on the horizon.
Same with me I bought 2 shares in 2019
Brandon, we'll done! Great video kick off to launch 2022 investing! :)
Thank you Brandon for all the information you share here! God bless you
wow! Thanks a lot man!
I love your tee shirt! By the way, I’m from Toronto!
Great video
Hey Brandon, great video like always. Quick question. I turned 18 in 2009, but immigrated to Canada in 2013. So my 1st tax return was for 2013. I assume I don't get the TFSA contribution room for 2009-2012. But my CRA account DOES include that in their calculations. Should I call them? Or let it be, and do my own calculations?
call them and clarify - speaking from experience, its really annoying finding out youve overcontributed 10 or 11 months later and theyve been charging you penalty each month. Yes you are correct you only get the room if you file a tax return for that year
Alot People just don’t have the spare money to put into tfsas or rrsps which is sad, inflation is just crazy high, food is insane, rent, etc, and the wage isn’t going up, the gap is huge
And you can't figure out a way to make an extra 100 bucks a week?
@@petervaneverdink448 You didnt listen. The inflation is taking any spare money and gobbling it up. The BoC needs to hike interest to 5 percent already.
Maybe look into The Budget Mom…she has great methods for saving. Even for those who don’t think they can. Even $25/mth is better than nothing giving compound interest.
@@petervaneverdink448 how is that possible when people work 40+ hours a week and have responsibilities… yeah let’s just find a random way to make 100 bucks, how about why can’t we live life and relax.. oh yeah capitalism
Last time I checked there were 168 hours in a week. You relax, I'll live life.
Question, is the total contribution amount what counts, what I mean is if you take money out of your TFSA to invest, are you able to put an equal amount of money back into it without going over the limit?
Best video watched in 2022! :)
great advice!
How about taking the $6000 or more and putting it into your RRSP instead of TFSA. Basically expecting to get a good tax return and then investing that return into your TFSA. I am probably going this route.
I would max TFSA before anything but everyone has a different situation
RRSP is a waste of time unless you are trying to lower your taxable income. I hate rrsps since theyre locked in and you get dinged tax when you take it out. At this day where everything is more volatile youre better to be able to have more control over your money and be able to use without being penalized.
I’m new to this but definitely learning a lot from you. Hope to start investing soon.
Keep learning and get started!! you got this :)
Love this, great video as usual, hoping for a more stock picks videos, lets talk about BA, DIS, PYPL.. etc good companies that did not do well last year..
Always excited for what I can turn that $6000 blessing into. Still waiting for the increase to level out to inflation
Hello and thank you for the video. I liked your video and subscribed as well... What would you suggest for older people in their late 50s with money sitting in their TFSA Account doing nothing?. ..I like to learn how to invest this money (in TFSA/ A) Or how to make this money grow. to see a good return in 10-15 years. Do you think I should invest let say $20K in a couple of dividend stock or what would you do. All I want to see is a good return in the next 10-15 or even in 20 years. Thank you.
What platform were you using in this video ? What platforms would you reccomend ? Great video love ALL of your videos. Thank you 🙏
Should one use a checking account or a saving account for adding funds to one's TFSA?
Great video as usual, Brandon.
Does opening a TFSA account in Wealthsimple affect your credit score? Do they do a hard pull?
No. Credit score is not affected
Always get helpful information from you. Thank you Brandon. Happy New Year to you and your family !
Happy New Year AC :)
You always want to be on the cautious side when trying to grow your TFSA room. 🙂
Hey Brandon, How long do you need to keep investments in your TFSA account, before you can sell them? Silly question, but what is consider longterm investments, short term investments and day trading?
You can sell the holdings in your TFSA as soon as you they are bought. It is completely liquid account without any tax consequences.
What do you think about annuity????
I am looking at buying more stocks in grocery store based I am not shue of NWC but has a 4% dividend my dol is on a bull run and have no idea when it will trade sideways I like AAA stocks for my tfsa i quit high risk with my tfsa
i was born on december 28th 2002, i looked at my cra account and it says my limit is 18,000 which makes sense however, my trusted and experienced investing friend advised me not to use up 18k and instead only do 12k because he was scared i was gonna go over and be penalized, i tried calling the cra multiple times with no success. im really trying to max out my tfsa every year. what im asking is, is my TFSA contribution limit 12k or 18k if i was born in 2002.(i konw it says 18k in the video)
Great video 👍
If I take money out of TFSA account, will it free up my contribution room or I loose it ?
Yes but not until the new year
Is that in wealth-simple how we can reinvest our dividends please let us know
Would not recommend GICs with these low rates that become more worthless as inflation rises. Maybe TIPs or the Canadian-equivalent RRBs if you want a conservative portion in your portfolio.
I was thinking of keeping TFSA for growth stocks and some defensive stocks and use a tax account for dividend stocks since the high dividend ones don’t have much growth. is that a good strat?
Regarding Pro Tip #2 (spouse as successor), when the spouse dies and the TFSA transfers over to the living spouse... what is the rule if the total amount of combined TFSAs is over the allowable contribution limit for one person only? For example, spouse 1 TFSA = 75k and spouse 2 TFSA = 70k and assume limit for one person is 80k ... If spouse 1 dies and have spouse 2 as successor, spouse 2 will end up with 145k. Will spouse 2 be subjected to tax for over contributions and why?
Thanks in advance!
Excellent question
im still kinda beginner. I am no where near close to maxing the tfsa, nor have the funds to even do so. Is this bad? Should i focus on maxing it first?
I would focus on maxing first!
Hi Brandon just new here. My question is, is I do just BUY only on a daily,weekly or monthly under TFSA is that consider trading? Am I dimmed by CRA?
Ty Now I know.
Is there a discord channel that you use or recommend ? I am looking to surround myself with people who can help me learn more about investing and growing wealth. Thank you for your videos and your time 😀
What's your opinion on all in one ETF like XGRO or VGRO?
Hi Brandon Can you put a cryptocurrency ETF in your TFSA...any recommendation with crypto? Thank you
Do you have an opinion on CDR on the NEO exchange. Think it is a great way to access US stocks without the exchange costs.
Thanks for the video.. very helpful..
If I was choosing the ETF way, should I invest entire 6k in January itself or break it down to monthly SIP payments?
I’ve decided to divide the new limit into 4 and put $1500 into my etf once per quarter
Knowing Québec likes to do their own thing, are the rules the same in Québec as for the successor upon death?
Nice entro music my guy
I had the utmost confidence in you and looked up to you for guidance. Now things have changed all because you wore a shirt with the word "Toronto". I can no longer look at you the same way.
Are you serious? Lol
Brandon is moving to TORONTO (nice shirt) 👌😉
Hey Brandon, Happy new Year and thanks for fantastic video. I would like to bring up Pembina Pipeline stock which pays out monthly. Little puzzled by the dividend payouts every month? Could you please elab more on it if possible? Thanks a lot.
any thoughts on BITI etf ...? I still don't get the "inverse" etf ...
Hi I have 1 question regarding tfsa
If I sell a stock that I hold in my tfsa account that will be considered as a withdrawal , even I just sell it not withdrawing money from the account?
When you sell a stock and it is just cash within your tfsa, then it’s not classified as a withdrawal until you actually take it out of your account. You can buy a different stock if you wish and not effect your contribution room. Some people have huge tfsa accounts from savvy stock buys and sells. Just don’t buy and sell too often or the cra will start to take notice 😉
Thanks Will Keen
So if I put my estate as my beneficiary then what happens as my children are named as my will?
What do you think about the Etherium ETF fund for the TFSA ? ETHX Been hearing a lot about the Etherium 2.0 and its scaling that is going to happen in 2022/2023 that should make it a growth investment I was thinking about holding for long term like 10 years. Never bought into crypto before but this is an ETF so its different or is it better to buy the crypto itself ?
Quick question- if my TFSA limit is 40500 for this year and it exceeds to 50000 next month then can I sell and withdraw the profit or keep there? How does it work?
When you say reinvesting your dividends... is that eating some spafe from your yearlie contribution?
You mentionned 72000$ after 20 year that not including extra cobtribution.. but only drip dividends reinvestment... so im confuse... i thought that exceeding the annual max was bad and comes with a penalty.
Hmmm, ATZ. I've been eyeing that stock.
Can't you also lend out as private mortage within TFSA?
Where did you get that raps t-shirt I like it
Are SP 500 ETF still subject to US withholding tax?
Only dividends are but its automatically taken off, still a worth while investment
Can you do that successor thing with your RRSP?
Hi, plz I have a question, am an international student here, I have a cotisation window of approximatly 23k in my TFSA. I created a questrade account and wanna try my luck.
Pls if you can share at what price you think each of the blueship stocks are a best buy and also for the one you mentionned in the orher video(TSE:ATD, NYSE:LMT and TSE:MFC), I also like costco but I see that it's already on its ATH.
Hi Brandon! New subscriber here :) i was wondering if you have some kind of financial background, CPA title, etc?
no not everything is tax free it depends on the investment like when you hold foreign investments that pay dividends. or fund conversion fees etc
i am also wondering about fees like Management Expense Ratio (MER) but i see on welath simple they mention another fee so its confusing
"The MER of this portfolio is 0.16% and the management fee of this portfolio is 0.50%." do you know what this breakdown is because i thought management fee is the same as MER or all included? and what about mutual funds is this tfsa where you juts let the institution do the work? what is interest rate vs return percentage? i have all these questions because im thinking of doing a tfsa for the first time with td bank but im not sure if there are better options and its a confusing sea out there so i was wondering if you can help, i have the max cont room of $81500, are you in toronto as well?
What’s with the Toronto shirt… aren’t you from Vancouver
where can I find a link to this dividend calculator?
Hi Brandon, I’m interested to know if it’s only the husband to put as a successor or other member of the family. Like example daughter?
Thanks for the question. Please have a look at this video we've previously posted. At around 7:25, it covers beneficiaries. Thanks for watching. - Marc
th-cam.com/video/0AfSYbhSsFQ/w-d-xo.html
How are you
I would like to know from you the following please:
Should I be concerned about my income taxes if I live outside of Canada as a retiree on vacation for a period of over 6 months every year and then return to Canada afterwards?
Will my income tax be affected by my 6 months of living abroad?
Will I lose my Canadian citizenship, O.H.I.P. and other benefits if I live outside Canada for a period of 11 months every year?
Could I possibly live abroad for over 6 months every year...if yes what are the tax, and benefits implications for me?
If, yes...will my Canada pension and O.A.S. pension, and income taxes be affected?
As a Canadian resident I would like to know from you if it's possible for me to retire abroad for about 11 months every year while maintaining a home and, bank accounts in Canada and then return to Canada yearly to do my income tax and leave Canada again?
Thank you.
If I was to invest 10 000$ in MRNA for example and the stock price dropped and I was to sell at a 10% loss, I would've lost 1000$ of contribution for ever? I would now have a limit of 80 500$ instead of 81 500$? So for every stock that I am unfortunately selling at a loss, that amount is being deducted from the maximum contribution amount correct?
Yes, you can't tax loss harvest your tfsa because you don't pay taxes in that account to begin with and you lose that contribution room.
@@cheynebest7028 I had ZERO intention in tax harvesting my TFSA but I'll pick way safer stocks from now on in order NOT to lose that contribution room. THX!!!
@@davidgagnecote5039 also if let's say you withdraw from your tfsa to make a purchase the following calendar year you can top up whatever you have withdrawn from your account. You don't lose contribution room that way... only selling at a lose. Cheers 🍻
on the flip side, if you grow your TFSA to 90k then your contribution room is now 90k if you chose to withdraw everything and recontribute next year. so selling something at a loss is not a terrible thing
Love the vids man. So useful. Can we get a vid on some good Canadian/US recovery stocks? In a previous vid you were talking about good investment during a recovery being things like appliances, farming equipment, materials, stuff like that. Would love to learn more 👍👍👍
Hey Brandon,
18 and above, Does it apply to even those who have just recently migrated to Canada?
Starts from the year you file your first taxes.
U from toronto?
I have a question. Let say I have tfsa limit of $5000 and I put $5000 in tfsa account and invested that money to shares. Now whatever dividend I earned from that shares will go to tfsa account by default which will increase the limit of TFSA account. What to do then?
Hi Kirti I can help answer this, but still do your own research. So any growth that you earn in your TSFA whether it’s from dividends or capital gains won’t affect you contribution limit.
It’s the money you add into your TSFA that has to stay within the contribution limit. And any growth that happens inside the TSFA is tax sheltered.
Oops I forgot to mention that there is a foreign withholding tax of up to 30% on US dividends stock or etfs.
Thank you Jesse
Hi Brandon, do I earn Interest if I have my money in my tsfa amount but it's not invested?
Only if it is an interest paying TFSA. Otherwise, the money just sits there, like in a checking account
Can you have your children set up a successor or do your children have to be set up as beneficiary?? You didn’t mention this.
Only your spouse can be your successor holder, children can be beneficiaries.
Newb question. If I contribute $6000 this year but it grows to $7000, does that means I'm over?
No, TFSA can grow and grow without any penalty. Only limit is on the annual contribution amount.
Hi Brandon
What’s the minimum I can put in to open up a TFSA
Generally speaking, there are no minimums, however, lots of options for accounts you can open. Big bank mutual fund account, basic and boring high interest savings account or self directed account where you can buy individual stocks/ ETFs, etc
Take a look at the robo advisor options like Wealth Simple. Easiest option for lower fees and quick diversification across the stock market.
Hi Brandon as usual great video. Thanks!
My dilemma is where to put my growth investments like VFV or VUS
if in RRSP,
PRO: i wont have to pay witholding tax (because S&P are US stocks)
CON: Pay Capital Gains tax later on since its Growth, it could grow over time really big.
if TFSA
PRO: no Capital Gain tax
CON: Pay Witholding tax
Which is the lesser evil?
Thanks in advance.
In fact if you put VFV/VUS in your RRSP, you will still be subject to the 15% withholding tax on the dividends since they are both Canadian based ETFs. In order to avoid paying the withholding tax, you would have to buy their US based equivalent (VOO for VFV and VTI for VUS).
Brandon made a video on that specific topic a few years back, here is the link: th-cam.com/video/omJ8P-uZKHI/w-d-xo.html
@@tonysanchez4313 Thanks for the info.! That makes my choice easier then, i'll put them on TFSA and save on long term Capital Gains tax. 👍 (I dont have US$ account and have no plan of opening one)
Hey Brandon, does the additional $6000 room this year in effect already? Or do I have to wait until after I file my taxes and CRA sends an email with my new room for TFSA and RRSP? Thanks for the video btw. Great content
The contribution room is available as of Jan 1st. So you can put $6k in today if you can!
in my cra account I found out it is off by $6000