TFSA Basics and How To Use it Like a Pro // Canadian Finance & Tax Strategies
In this video we discuss the Tax-Free Savings Account, how it works, and how to use it like a pro!
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Intro (0:00)
Growth is Normally Taxable (0:18)
No Tax on Growth in a TFSA (1:31)
Don't Pay Tax If You Don't Have To (1:56)
Investment Options (2:29)
Which Investments Are Best in a TFSA? (3:10)
Limits (5:51)
Carry-forward Room (6:36)
Over-contribution Penalties (7:38)
Tracking Your Room (8:07)
No Tax Deductions for Contributions (8:46)
Withdrawals (9:47)
Links:
CRA TFSA Page: https://www.canada.ca/en/revenue-agen...
TFSA Contribution Room Calculator: https://www.moneysense.ca/save/invest...
my CRA Sign-In: https://www.canada.ca/en/revenue-agen...
DISCLAIMER: The content and opinions on this channel are for informational and educational purposes only and none of it is (nor is it intended to be) investment advice. It is our firm position that everyone has a unique situation and should seek professional advice on how best to navigate it. Rhys Martell is a Chartered Investment Manager (CIM), a Fellow of the Canadian Securities Industry (FCSI), a Qualified Associate Financial Planner (QAFP) and more. However, he is not registered to provide investment advice and does not provide specific recommendations. Those looking for specific investment advice should seek out a registered professional. Rhys Martell is not responsible for any investment decisions taken by anyone other than himself.
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