Why am i the only one watching your videos? Very good quality content. Its shame that your audience is so small. Thank you for helping me with my investment journey, Adrian.
Hi there. With a passive income approach, I have a question about TFSA dividend withdrawls. If net deposits in the portfolio are $81,000 and the account value, in a down market, is $78,000 for example, would withdrawing $1000 in cash dividends affect the contribution room the following year? This considering the withdrawls are made on a lower account value? Thanks.
Hi Adrian, I recently finished watching your entire channel and learned so much, and still revisit old videos to reinforce the learning! I also bought your product on your website and bought many of your recommended choices! Thank you! My question is about the TFSA specifically. It has become evident from your videos that you and Erica live off the income generated by both your TFSAs and margin accounts. When you both withdraw from your TFSAs to pay your living expenses, do you keep meticulous records of those withdrawals so that you know how much to contribute back into the TFSAs next January 1? And if so, where does THAT replenishment money come from, is it from your (Adrian's) day job income? I hope to one day follow Erica's lifestyle of being able to retire relatively young and live off dividend income (hoping the TFSA income is sufficient, otherwise I might need to open a margin account too), but am trying to figure out how to reconcile withdrawing from the TFSA for living expenses while continuing to contribute to the TFSA and keep it maxed out. Thank you!
Thanks ! You are correct we live off the income from the tfsa and cash accounts (we don’t have margin accounts) no need to keep track because you get a monthly tfsa report . All yoi need to do is look at the December one to get a summery of the year ( contributions and withdrawals) so it’s very easy to track . Currently I am still working and invest my entire pay every month but even without that job, We would have disposable income to invest every month. As we now have Extra income from TH-cam and our website . Hope this answers all your questions! Also don’t forget our RRSP accounts are not included in our main fund
Hi just to clarify if i take 10k out of my maxed out tsfa in june. Do I have to wait 1 year from the withdrawl date or just untill the next calender year, jan 1?
This is a great channel! I am just learning all these. Is there a website where you can check your TFSA status like your remaining contribution room? I have TFSA with several banks. It is confusing keeping track. But I will consolidate them and repurpose my TFSA for passive income investing
Hi Adrian, I wonder if you can reinvest your gain within the tfsa even if your contribution room is full of that year. For example I have gained 40% on one stock and loosing 55% on other one . I would like to average up to free my money which I'm loosing by selling, so my question does that gain count to the contribution room? Thanks!
I heard that if for example you contributed like 20000 and then your investments failed and you withdrew at a loss, like your 20000 invested became 5000, and you withdrew them then your allowed contribution room will not be 20000 or more anymore but only 5000! And then each year you add whatever the government allows (5000 / 5500 / 6000...)
Is TFSA only for people having income or like in Covid-19 many people lost their job and are on social assistance(welfare)...so Welfare people can also open a TFSA account?
Let's say I contribute the maximum ammount in 2019, let's say just for example it's 5k. That 5k grows to 6k that year. But in November I decide to take out 5k. Does that mean next year I can recontribute 5k or is it 4k. I'm confused on how profits work in a tfsa and withdrawals and recontributions.
Whatever you take out , can go back in next year so it’s 5k . If you invest 10k and it turns into 100k and you take it all out . Next year you can put back in 100 000k makes sense ?
Ok so say if I was maxed out right now and had the full limit of 75500 in there , if I withdraw the whole amount of 75500 in December of this year I would be allowed to recontribute the whole 75500 in january of 2022 plus whatever contribution room for the next year
Well if you are annoyed about the 15% tax then yes. If you are Canadian, I would personally just stick with Canadian listed stocks. I do have a few U.S. listed stocks in my portfolio but most are in my RRSP. You can get U.S. stock exposure with Canadian ETFs like ZWS, ZWK etc. With these there is no 15% tax since they are Canadian-listed ETFs If we're talking stocks like Apple where the dividend is very low, 15% tax on it makes little difference. You need to pretty much decide for yourself. There is no "wrong" or "right" here. Good luck!
If limit is 65k and I maxed out contribution. I got lucky and it ballooned to 80k and I with draw everything. Would my next year's limit be 65k + that years limit (say its 5k)? Or would it be 80k+5k?
80k +5k (if that's the new limit for the following year). Whatever you take out, regardless of how much it grew, can be put back in the following year. Just be careful not to make too much money, as perhaps the government will take you to court like they did for this guy: Check out these 2 articles: business.financialpost.com/personal-finance/tfsa/this-bay-st-trader-managed-to-amass-1-25-million-in-his-tfsa-now-the-taxman-wants-to-know-how www.moneysense.ca/save/investing/tfsa-contribution-limit-rule/
My CRA account shows some amounts in TFSA and RRSP. How would I withdraw these amounts on the CRA website ? Do I send it to a bank or what ? I am confused. Thank you!
So once you max out your TFSA what do you do to keep building a passive income without being taxed? Can you hold multiple TFSA accounts with different banks?
@@PassiveIncomeInvesting thanks for the reply and love the content. So I guess you open a brokerage account with your bank to get your cash account? I’m still new at this and I’m using wealth simple so I’m a little confused
Hi Guys, here is the free download of the TFSA Contribution Limits drive.google.com/file/d/1A6vw6drKmImbc4WmjEOAOPRgyRmw9twe/view?usp=sharing
Why am i the only one watching your videos? Very good quality content. Its shame that your audience is so small. Thank you for helping me with my investment journey, Adrian.
I appreciate that!
Great video. Especially cheat sheet. The withdrawal is always tricky so thanks for the detailed explanation with numeric example.
You answered my question that I’ve been looking for here in u tube for quite some time now.
Great video! However, TFSA is not just for Canadian Citizens; it’s for Permanent Residents as well.
Hi there. With a passive income approach, I have a question about TFSA dividend withdrawls. If net deposits in the portfolio are $81,000 and the account value, in a down market, is $78,000 for example, would withdrawing $1000 in cash dividends affect the contribution room the following year? This considering the withdrawls are made on a lower account value? Thanks.
Hello Adrian, good content!
My question is, can a foreigner with permanent resident in Canada open a TFSA and RRSP contribution account?
Thank you so much , now I learned more from your chanel . I also smashed the LIKE button and subscribed to your TH-cam as well !!
Hi Adrian, I recently finished watching your entire channel and learned so much, and still revisit old videos to reinforce the learning! I also bought your product on your website and bought many of your recommended choices! Thank you! My question is about the TFSA specifically. It has become evident from your videos that you and Erica live off the income generated by both your TFSAs and margin accounts. When you both withdraw from your TFSAs to pay your living expenses, do you keep meticulous records of those withdrawals so that you know how much to contribute back into the TFSAs next January 1? And if so, where does THAT replenishment money come from, is it from your (Adrian's) day job income? I hope to one day follow Erica's lifestyle of being able to retire relatively young and live off dividend income (hoping the TFSA income is sufficient, otherwise I might need to open a margin account too), but am trying to figure out how to reconcile withdrawing from the TFSA for living expenses while continuing to contribute to the TFSA and keep it maxed out. Thank you!
Thanks ! You are correct we live off the income from the tfsa and cash accounts (we don’t have margin accounts) no need to keep track because you get a monthly tfsa report . All yoi need to do is look at the December one to get a summery of the year ( contributions and withdrawals) so it’s very easy to track . Currently I am still working and invest my entire pay every month but even without that job, We would have disposable income to invest every month. As we now have Extra income from TH-cam and our website . Hope this answers all your questions! Also don’t forget our RRSP accounts are not included in our main fund
@@PassiveIncomeInvesting Great answers! Thank you so much!
Hi just to clarify if i take 10k out of my maxed out tsfa in june. Do I have to wait 1 year from the withdrawl date or just untill the next calender year, jan 1?
This is a great channel! I am just learning all these. Is there a website where you can check your TFSA status like your remaining contribution room? I have TFSA with several banks. It is confusing keeping track. But I will consolidate them and repurpose my TFSA for passive income investing
Yes ! The cra website
Hi Adrian, I wonder if you can reinvest your gain within the tfsa even if your contribution room is full of that year. For example I have gained 40% on one stock and loosing 55% on other one . I would like to average up to free my money which I'm loosing by selling, so my question does that gain count to the contribution room? Thanks!
Nope , don’t worry
I heard that if for example you contributed like 20000 and then your investments failed and you withdrew at a loss, like your 20000 invested became 5000, and you withdrew them then your allowed contribution room will not be 20000 or more anymore but only 5000! And then each year you add whatever the government allows (5000 / 5500 / 6000...)
Correct ! You do not get back “realized “ capital losses
Is TFSA only for people having income or like in Covid-19 many people lost their job and are on social assistance(welfare)...so Welfare people can also open a TFSA account?
Yes ! All Canadian citizens . Stay tuned for a tfsa video in the next few days . I discuss tfsa details there
Let's say I contribute the maximum ammount in 2019, let's say just for example it's 5k. That 5k grows to 6k that year. But in November I decide to take out 5k. Does that mean next year I can recontribute 5k or is it 4k. I'm confused on how profits work in a tfsa and withdrawals and recontributions.
Whatever you take out , can go back in next year so it’s 5k . If you invest 10k and it turns into 100k and you take it all out . Next year you can put back in 100 000k makes sense ?
If you sell a stock and don’t withdraw it but instead hold cash or decide to buy another stock does it affect contribution room ?
No you must withdraw.
Nope , only a withdrawal from the account does
Ok so say if I was maxed out right now and had the full limit of 75500 in there , if I withdraw the whole amount of 75500 in December of this year I would be allowed to recontribute the whole 75500 in january of 2022 plus whatever contribution room for the next year
Exactly !
Hi, do you get taxed on the dividends for holding American stocks? For example "Apple" in TFSA?
Yes - 15%
In an RRSP however, there is no tax.
@@PassiveIncomeInvesting is it better to have American dividend stocks in my TFSA or move it to rrsp? And Stick with Canadian dividend stocks in TFSA
Well if you are annoyed about the 15% tax then yes. If you are Canadian, I would personally just stick with Canadian listed stocks. I do have a few U.S. listed stocks in my portfolio but most are in my RRSP. You can get U.S. stock exposure with Canadian ETFs like ZWS, ZWK etc. With these there is no 15% tax since they are Canadian-listed ETFs
If we're talking stocks like Apple where the dividend is very low, 15% tax on it makes little difference. You need to pretty much decide for yourself. There is no "wrong" or "right" here.
Good luck!
@@PassiveIncomeInvesting thank you for your help
Happy to help!
Can you withdraw dividends from your TFSA account for monthly expenses without affecting your contribution room? Thank you.
Yes
@@PassiveIncomeInvesting Thanks so much for taking the time to respond. LIKE your videos and SUBSCRIBED to your channel.
Im losing money in TFSA under scotiabank. What should I do? Should I withdraw my money?
I can’t really answer without details … have you joined our Facebook group ? I also offer 1 on 1 consultations
If limit is 65k and I maxed out contribution. I got lucky and it ballooned to 80k and I with draw everything. Would my next year's limit be 65k + that years limit (say its 5k)? Or would it be 80k+5k?
80k +5k (if that's the new limit for the following year). Whatever you take out, regardless of how much it grew, can be put back in the following year. Just be careful not to make too much money, as perhaps the government will take you to court like they did for this guy:
Check out these 2 articles:
business.financialpost.com/personal-finance/tfsa/this-bay-st-trader-managed-to-amass-1-25-million-in-his-tfsa-now-the-taxman-wants-to-know-how
www.moneysense.ca/save/investing/tfsa-contribution-limit-rule/
@@PassiveIncomeInvesting wow! Haha doubt I'll ever reach that! Thanks for the reply
If I were to put ZWG in a TFSA which holds both canadian and us stocks, would I need to pay the 15% withholding tax for the us stocks in the ETF?
No
Hi, I'm just learning about TFSA after seeing it on my CRA. I'm wondering, where and how do you withdraw the contributions showing?
I don’t understand your question ... the tfsa is just a type of investing account along with the rrsp and regular cash account
My CRA account shows some amounts in TFSA and RRSP. How would I withdraw these amounts on the CRA website ? Do I send it to a bank or what ? I am confused. Thank you!
Those Amounts are your remaining contribution limits for each account . Lol send it to a bank... lol you wish
So once you max out your TFSA what do you do to keep building a passive income without being taxed? Can you hold multiple TFSA accounts with different banks?
Lol no , once your tfsa is full you have to go with a regular cash account . You can’t just avoid tax , you’re not a drug dealer 😎
@@PassiveIncomeInvesting thanks for the reply and love the content. So I guess you open a brokerage account with your bank to get your cash account? I’m still new at this and I’m using wealth simple so I’m a little confused
You can still use wealth simple , brokers offer all 3 accounts Canadians need : cash, rrsp , tfsa
@@PassiveIncomeInvesting thanks again
I can't find part 2
Sorry, we had to remove part 2 due to bad data, so there won't be a part 2