Top 6 TFSA mistakes to avoid

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Today’s video in the TFSA series covers the six most common mistakes we see with folks who own or invest with their TFSA. By the end of the video, you'll better understand how to take full advantage of the tax benefits that come with a TFSA.
If you have questions about this topic after watching the video, leave a comment below, and I’ll respond as soon as possible.
#RealEstateTaxTips​ #RealEstateInvestors​​ #CanadianInvesting​ #realestateinvesting #TFSA #Taxfree #daytrading #investingmistakes #TFSAmistaes
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DISCLAIMER:
Tax planning is a personalized decision and will depend on your situation, priorities, and risk tolerance. Consult with your own legal and tax advisors to ensure you get the advice you personalized for you.
The information contained in this video is for general information purposes only.
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[@benhaze1010]

Here I am 2 years later and this is the 1st time I hear about tip #6. Just started watching your videos. Kudos to you and thanks for sharing!

[@LivingInBurlington]

Super Info I will definitely watch all your videos on TFSA. Thanks!

[@RealEstateTaxTips]

Glad you like them!

[@triplenetinc]

Tip 6 is very good to know! Thanks

[@cfantasticseeallgood]

# 2 I’m guilty of, didn’t know that until recently. I could invest my TFSA.I still have it as a regular savings account, I need to change that.
Very informative video, you are lucid in explanation. Thanks 🙏🏽

[@RealEstateTaxTips]

It happens. It is for a lot of people too.
I mean, I still hold half of my RRSP in cash...just because I haven't got around to invest yet...

[@darshanmahida7181]

Very good explanation 👏👏

[@RealEstateTaxTips]

Thank you 🙂

[@shaunklynstra1112]

I love your content Cherry - thank you!
Question - Im a Canadian citizen that took residency in Mexico as of 2003.
My last tax return as a Canadian resident was 2004.
I relocated back to Canada in April 2021 and filed a return with CRA for the 2021 tax year.
From your perspective, how might my contribution limit be treated given these circumstances?
Thanks in advance!

[@RealEstateTaxTips]

You would only have your limit increase for the years you were residing in Canada

[@Janpandon]

If Jane as a successor holder sells $10,000 of the $100,000 she inherited two years down the road, would she be able to regain that $10,000 the following year ?

[@RealEstateTaxTips]

Hi, Thanks for reaching out!
For any questions or consultation, please contact our office at 416-548-4228 or email us at [e-mail]

[@WhyYouLookAtThis]

Thanks for the informative video Cherry, much appreciated! If someone has more cash than they can contribute into the TFSA. Can they provide the cash to a family member (mom/dad) to grow within their TFSA to assist the family member?

[@RealEstateTaxTips]

Absolutely!

[@sagarsatija6896]

@@RealEstateTaxTips would be good if you have a podcast as well, better than watching videos

[@tonyluckman9173]

Thank you for tip#6...wow.
This may be a real dumb question but if you have multiple TFSA'S, the contribution room allowed has to be divided amongst the accounts correct?

[@RealEstateTaxTips]

Yes. Contribution room has to be shared among all different accounts.

[@talalztube]

so what would be a good a/c to hold speculative stocks

[@RealEstateTaxTips]

If you have funds in your RRSP, RRSP would be my first choice. Otherwise, I would also own them personally or in your corporation depending on where the money is coming from.

[@robertnyffenegger8703]

Are you sure a successor holder can’ be son? As defined by the cra It can only be a spouse or common law partner.

[@RealEstateTaxTips]

Hi Robert, thanks for pointing out the error. You're right, it can only be spouse or common law partner.

[@hitendramahajan6880]

need to have a consultation

[@RealEstateTaxTips]

Hi there,
Thanks for reaching out!
For any questions or consultation, please contact our office at 416-548-4228 or email us at [e-mail]

[@lesliebriggs505]

#6 tip super helpful! Thanks Cherry!

[@RealEstateTaxTips]

Glad it was helpful