TFSA MISTAKES in Canada to AVOID! // Tax Free Investing Strategy // Canadian Tax Guide Chapter 9

What are the Most Common Mistakes with the TFSA? Am I using the TFSA Correctly? How does the TFSA work? Is the TFSA Really Tax Free? How can Canadians get the most out of their TFSA? Should I Day Trade or invest in Crypto in a TFSA?
I'll be breaking down all of the Biggest TFSA Mistakes to AVOID in Canada! The TFSA is one of the most powerful investing tools but most Canadians are not using it correctly and these mistakes can be costing you thousands of dollars in the long run! The TFSA rules can be confusing and misleading so I'll show you how to avoid these mistakes and how to get the most out of your tax-sheltered growth!
TFSA Explained - Watch this FIRST! 👇
• TFSA Explained | Inves...
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Check out my Canadian Tax Guide for More Tax Saving Strategies! 🇨🇦
• Canadian TAX Guide
SKIP AHEAD ⏩
-Intro: 0:00
-TFSA Basics: 0:56
-Wasting TFSA on Savings: 1:40
-Contribution Room: 3:56
-Max TFSA Limit Table: 4:56
-New Canadians - Not Citizen / PR: 5:24
-Contribution Rules: 5:58
-Do NOT Rely on CRA Room: 6:29
-Exceed Limit Penalty: 7:23
-Withdraw + Re-Contribute: 7:47
-Withdrawal Tip: 8:57
-Gains Do NOT Affect TFSA Room: 9:19
-Move From Bank to Broker: 10:16
-Max Out TFSA: 11:34
-Avoid Risky Stocks in TFSA: 12:33
-Selling at Loss: 13:54
-US Dividends: 15:02
-Day Trading in TFSA: 16:39
-Summary: 17:43
WATCH NEXT ▶️
-How to Buy Stocks on Questrade - • How to Buy Stocks? QUE...
-How Taxes Work in Canada - • HOW TAXES WORK IN CANA...
-Best Canadian Dividend Stocks - • Best CANADIAN DIVIDEND...
-What is a DRIP? Compounding Dividends - • What is a DRIP? Invest...
-Best Canadian Dividend ETFs - • BEST CANADIAN ETFs FOR...
-RRSP Explained Part 1 - • RRSP Explained Part 1 ...
-How to Build Wealth - • How to BUILD WEALTH in...
-Norbert’s Gambit - Exchange Currency for Free - • Norbert's Gambit with ...
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#CanadianTaxes #TFSA #TFSAInvesting #TaxFreeInvesting #CanadianTaxGuide #CRA #CanadianFinance #CanadianInvesting

Пікірлер: 961

  • @CanadianTShirt
    @CanadianTShirt3 жыл бұрын

    Watch this video FIRST - TFSA EXPLAINED 🇨🇦👇 kzread.info/dash/bejne/m5OWuchqfty7kqg.html There I go over all the rules of the TFSA and what you SHOULD do in a TFSA. This video is all about what you should NOT do 😁

  • @CanadianTShirt

    @CanadianTShirt

    3 жыл бұрын

    And check out my CANADIAN TAX GUIDE Playlist for more great tips! 🇨🇦 kzread.info/head/PLj8bU3AuW2qEA_ik7NOAIkBY02nt7KAPj

  • @CanadianTShirt

    @CanadianTShirt

    3 жыл бұрын

    And my MILLENNIAL INVESTING GUIDE to help you get started from the beginning 👇 kzread.info/head/PLj8bU3AuW2qEVri8g-ErBL65ng98iAf5g

  • @motivationshortsadda

    @motivationshortsadda

    2 жыл бұрын

    I have watched alsmost all of your videos. And, I know that the video recommends to hold US stocks, ETfs in RRSP but as I have invested some in TFSA, should I just leave those there and going forward for any other US ETF or stock should be put in RRSP. Thats my query? Thanks!

  • @CanadianTShirt

    @CanadianTShirt

    Жыл бұрын

    @@motivationshortsadda it depends on the dividends! If they are US growth stocks paying no dividend (LIKE Amazon or Tesla) then they are totally safe in your TFSA since capital gains are always 100% tax-free in a TFSA, even for US stocks! Or if they are growth stocks that pay a very small dividend like Apple which pays less than 1% yield, it's fine to keep in your TFSA since a 15% tax on a tiny dividend will be negligible. But if the US stock or ETF pays a dividend yield above 3%, I would definitely move it over to your RRSP to avoid that 15% tax! I have a WHOLE video tutorial showing you how to TRANSFER your US stocks from your TFSA into your RRSP, check it out! 😁 kzread.info/dash/bejne/iXalrMN6drzJgrQ.html

  • @user-hm4jm1cy7m

    @user-hm4jm1cy7m

    7 ай бұрын

    Does it make sense for me to take my 100 tesla shares out of my RSP and pay the tax on their current value now... then put them in my TFSA before they go up. Like what if they are worth $2000 a share one day.. wont i get nailed for income tax on all that money if i take them out of an RSP?

  • @DivyangM
    @DivyangM2 жыл бұрын

    You are literally the first person I know that mentioned that Capital Gains on US Stocks in TFSA are 100% TAX-Free. THANK YOU, man.

  • @CanadianTShirt

    @CanadianTShirt

    2 жыл бұрын

    My pleasure Divyang! I'm glad that this video provided value! Make sure you check out my other videos for more great lessons! =)

  • @newportnelson

    @newportnelson

    2 жыл бұрын

    All those people who didn't have GME/AMC in their TFSA are kicking themselves, lol!

  • @rafammbass

    @rafammbass

    Жыл бұрын

    yeah but not dividends so...

  • @quixomega

    @quixomega

    Жыл бұрын

    @@rafammbass True, but technically the IRS is not legally due that money, but good luck suing them.

  • @johnpulawski35

    @johnpulawski35

    Жыл бұрын

    @@rafammbass dividends are also tax free

  • @jambr911
    @jambr9112 жыл бұрын

    Bruh, your videos are next-level genius. They are so well glued together that my brain absorbs the information with such ease.

  • @CanadianTShirt

    @CanadianTShirt

    2 жыл бұрын

    Wow! Thanks buddy! I really appreciate those kind words! I put a lot of effort into organizing and structuring these videos so that they flow together like a lesson. I'm very happy to hear that they're working! 😁

  • @jimsmith7716

    @jimsmith7716

    Жыл бұрын

    @@CanadianTShirt Great videos as always. I know if you've never contributed to your TFSA you're allowed to put in up too $81,500. If you don't put that full amount in the first year , does that keep carrying over to each year, Say you only put in $2k,, so $79,500 would get carried over, Plus the $6000 that gets added on at the beginning of a new year?

  • @CanadianTShirt

    @CanadianTShirt

    Жыл бұрын

    @@jimsmith7716absolutely! You NEVER lose that unused contribution room! It always gets carried forward until you're ready! Plus you will continue to gain that $6K or now $6.5K worth of new TFSA room every year =)

  • @jimsmith7716

    @jimsmith7716

    Жыл бұрын

    @@CanadianTShirt thank you!🍻

  • @jimsmith7716

    @jimsmith7716

    Жыл бұрын

    @@CanadianTShirt Don't know if you saw my other question regarding to being in the red. Say I'm down $2k in my margin account, then I make $500 on a play. Would I owe capital gains on that 1 green play, or would that just lower my red to $1500? I would only begin to owe capital gains when I'm in the green?

  • @Richard-hx6mi
    @Richard-hx6mi Жыл бұрын

    Wow, I never thought that I would be so engaged into learning about the tax system but your teaching style makes it so! 👍🏾

  • @CanadianTShirt

    @CanadianTShirt

    Жыл бұрын

    Thank you Richard! 🙏 That is EXACTLY why I started this channel in the first place! I know taxes and finance aren't always the most exciting topics but they are SO important to learn and understand so I'm glad that I'm able to convey this sometimes dry info in an engaging way! 😁

  • @gwilding1

    @gwilding1

    5 ай бұрын

    Totally agree!!!

  • @gwilding1

    @gwilding1

    5 ай бұрын

    This should be mandatory teaching in all schools!!!! And I went to an exclusive private school and we were taught NOTHING meaningful or useful... except in my case, which was typing!!!!

  • @DN-mo8fz
    @DN-mo8fz3 жыл бұрын

    Your videos are very helpful! Keep doing what you're doing

  • @jigneshrohit
    @jigneshrohit2 жыл бұрын

    I was looking for something like this. Your content is incredibly easy to understand and useful. Thank you!!!

  • @CanadianTShirt

    @CanadianTShirt

    2 жыл бұрын

    Well I'm glad you found me Jignesh! Thank's for watching! =)

  • @burningdust
    @burningdust2 жыл бұрын

    Thank you very much for the great content; you’ve helped me clean up my portfolio, and you’ve explained TFSA’s more clearly than anyone else including CRA! Awesome!

  • @CanadianTShirt

    @CanadianTShirt

    2 жыл бұрын

    Thank you! I really appreciate those kind words and I'm so happy to hear that my videos have made an impact! 🙏

  • @reyvimendoza1229
    @reyvimendoza12293 жыл бұрын

    This is awesome!!! Every Canadian should see watch and learn from this. 👏👏👏

  • @CanadianTShirt

    @CanadianTShirt

    3 жыл бұрын

    Thank you Reyvi! I really appreciate that! And if you'd like to share this video with any other Canadians who could use it, I would appreciate that! 🙏

  • @yashshah4830
    @yashshah48302 жыл бұрын

    Great job buddy!! All your videos are amazing. I am an international worker in Canada very new to the economy and its taxing structure. Your videos really helped me understand it fundamentally!! Thank you very much!

  • @CanadianTShirt

    @CanadianTShirt

    2 жыл бұрын

    Thank you Yash! I really appreciate that and I'm so happy to hear that my videos have provided value! 😁

  • @ranger5705
    @ranger5705 Жыл бұрын

    Your way of explaining a difficult subject in a simple way is great!

  • @CanadianTShirt

    @CanadianTShirt

    Жыл бұрын

    Thank you so much! That's what I try to do! 😁

  • @slautensach4720
    @slautensach47203 жыл бұрын

    We started following your channel when it only had a few thousand subscribers; so happy to see the numbers increasing, you deserve all the applause - the best channel for investment info by far! When we retired we went to Questrade, also opened an online bank account (EQ), got cash back credit cards, and for the first time have TFSAs and RRSPs, all thanks to Adrian's ability to communicate and explain things in an easy to follow manner. Now that you are fully 'invested' (LOL) in this line of work, Adrian, we're going to sign up as members to extend our support of your you tube work. Thanks for all your help, you don't know how much we appreciate it!

  • @CanadianTShirt

    @CanadianTShirt

    Жыл бұрын

    Thank you SO MUCH for those kind words, it was a pleasure to read! 🙏 I'm so happy to hear that I was able to help you with your retirement goals and thank you for helping to support my channel by becoming a member! I'm loving that awesome membership badge next to your name! 😎

  • @makrisgio
    @makrisgio Жыл бұрын

    My friend watching your videos is the first time that I understand how the TFSA is working. You are fantastic. Keep up the simple good work. Thank you

  • @CanadianTShirt

    @CanadianTShirt

    Жыл бұрын

    Thank you for those kind words! I'm happy to help! 🙏

  • @susanwheeler-hall
    @susanwheeler-hall8 ай бұрын

    Really great mistakes to avoid, growth within the TFSA was what I was trying to figure out - thanks!

  • @CanadianTShirt

    @CanadianTShirt

    8 ай бұрын

    I'm happy to help Susan! Thanks for watching! =)

  • @LucianoClassicalGuitar
    @LucianoClassicalGuitar2 жыл бұрын

    And to think that a few years ago nobody could explain these things in a proper and clear manner xD Thanks!!

  • @CanadianTShirt

    @CanadianTShirt

    2 жыл бұрын

    Thank you Luciano! I really appreciate that and I'm glad that my videos have finally broken through that frustrating barrier! 🙏

  • @Sergio_Ro
    @Sergio_Ro3 жыл бұрын

    One of the things I like the most about your videos is that you always go to the point, don't wasting time on stuff that is not important like others, thanks for that!

  • @CanadianTShirt

    @CanadianTShirt

    3 жыл бұрын

    Thank you Sergio! That's what I try to do! I hate the idea of wasting anyone's time, that's why I talk so fast and get rid of all the useless fluff =)

  • @Sergio_Ro

    @Sergio_Ro

    3 жыл бұрын

    @@CanadianTShirt I honestly think t's great that you do it like that, useful information in every second of your video ;)

  • @carkarlaw
    @carkarlaw Жыл бұрын

    Thank you for the explanation especially about the US tax and withdraw/re-contribution.

  • @CanadianTShirt

    @CanadianTShirt

    Жыл бұрын

    My pleasure! It's so important to understand all of the rules with the TFSA to make the most of that tax-sheltered room! 😁

  • @ArmandHuangSaberi
    @ArmandHuangSaberi3 жыл бұрын

    Your advice is pure gold. The video is also so well organized, thank you!

  • @CanadianTShirt

    @CanadianTShirt

    3 жыл бұрын

    Thank you Armand! I really appreciate that! I try to structure each video like a professor's lecture =)

  • @ArmandHuangSaberi

    @ArmandHuangSaberi

    3 жыл бұрын

    @@CanadianTShirt thank you so much for your wonderful content. I am subscribed and look forward to learning more from you!

  • @Roberto-1
    @Roberto-13 жыл бұрын

    Bravo, this is an excellent video in explaining the TFSA mistakes to avoid. 👍👍

  • @CanadianTShirt

    @CanadianTShirt

    3 жыл бұрын

    Thank you Roberto! I know this video was really dense and crammed with a ton of info but I'm happy to hear that you found it helpful! 😁

  • @Roberto-1

    @Roberto-1

    3 жыл бұрын

    @@CanadianTShirt Yes and thank you, keep it up pal!

  • @clovalehr9385
    @clovalehr9385 Жыл бұрын

    Appreciate this Canadian content in layman terms. Keep up the good work

  • @CanadianTShirt

    @CanadianTShirt

    Жыл бұрын

    Thank you so much Clova! That's what I try to do! 🙏

  • @BaloonieFloat
    @BaloonieFloat10 ай бұрын

    You are the channel I need starting my investing journey. There is so much information out there it is getting so overwhelming ! But you make it digestible and straightforward for my pea brain, so i thank you.

  • @CanadianTShirt

    @CanadianTShirt

    10 ай бұрын

    Thank you for those kind words! I'm glad you found me and I'm so happy that my videos have been helpful! I try to make my videos as accessible as possible, especially for beginners! 😁

  • @CanadianTShirt

    @CanadianTShirt

    10 ай бұрын

    I definitely recommend watching my playlists, I organize them and order them so that each lesson flows into the next! You may notice that I colour-code my thumbnails: silver = taxes, green = investing basics, orange = credit cards etc. Check out my MILLENNIAL INVESTING Guide (green videos) to learn everything you need to know about investing starting from square one! =) kzread.info/head/PLj8bU3AuW2qEVri8g-ErBL65ng98iAf5g

  • @dandata8586
    @dandata85863 жыл бұрын

    Yet another well edited video..Full of useful knowledge!

  • @CanadianTShirt

    @CanadianTShirt

    3 жыл бұрын

    Thank you Dan! That's what I try to do! 😁

  • @baitach
    @baitach3 жыл бұрын

    I always give you the Like before watching the videos as they are always great and help us as Canadians. Thanks Adrian. Mohammed

  • @CanadianTShirt

    @CanadianTShirt

    3 жыл бұрын

    Thanks Mohammed! I really appreciate that support and I hope that my videos always live up to that preemptive thumbs up 😁

  • @krazykamikaze
    @krazykamikaze3 жыл бұрын

    Great video again! My personnal biggest mistake with TFSA was... not having a TFSA at all. For the longest time, all my savings went to my RRSP account, mostly because i didnt correctly understood the difference/benefits of each registered account types. Now it all makes sense thanks to your guides.

  • @CanadianTShirt

    @CanadianTShirt

    3 жыл бұрын

    I'm happy that my videos were able to help! Ideally, you want to max out both your RRSP and TFSAs if you have the money available! I will be making a video soon comparing the two and which one you should prioritize in different scenarios but the TFSA is never a bad move =)

  • @coolasiandud3
    @coolasiandud33 жыл бұрын

    i love ur tfsa and rrsp series. still waiting for RRSP explained part 3. thanks again

  • @CanadianTShirt

    @CanadianTShirt

    3 жыл бұрын

    Thank you Myka and you got it! I will be making more RRSP videos soon! =)

  • @SrikarAnanthula
    @SrikarAnanthula2 жыл бұрын

    Thanks for explaining in simple words. Appreciate it !!

  • @CanadianTShirt

    @CanadianTShirt

    2 жыл бұрын

    Thank you Srikar! That's what I try to do! 😁

  • @jordanpwatson1
    @jordanpwatson13 жыл бұрын

    You need to frequently pump out more of these quality videos. You're the best Canadian KZreadr for investing!

  • @CanadianTShirt

    @CanadianTShirt

    3 жыл бұрын

    Wow! Thank you Jordan for those kind words and that high praise! I really do appreciate that and I would love to make videos more frequently but it is a ton of work for a one man operation plus I am involved in so many other ventures... But thank you for supporting my channel! 🙏

  • @stormtrop4
    @stormtrop43 жыл бұрын

    I've been guilty for keeping my TFSA in boring savings accounts and GICs for way too long. So glad I started investing instead but I kick myself for not starting sooner. Thanks for letting me know what other mistakes I should avoid! :)

  • @zitrone9181

    @zitrone9181

    3 жыл бұрын

    better late than never!

  • @CanadianTShirt

    @CanadianTShirt

    3 жыл бұрын

    You got it buddy! Most Canadians are making the same mistake and it's not your fault! The name itself is misleading and its true power is in tax free INVESTING! I'm glad my video provided value! 😁

  • @sidakpreetvirk581

    @sidakpreetvirk581

    Жыл бұрын

    Could you please tell how to start investing so i just found out that there was 12000$ in my bank in one section named as Tax free savings Does that means it is TFSA?. So how would you invest this internally from banking online. Any help would be appreciated

  • @porkyrocks
    @porkyrocks Жыл бұрын

    This is super helpful my man. Very grateful for this video!

  • @CanadianTShirt

    @CanadianTShirt

    Жыл бұрын

    It's my pleasure buddy! I'm so happy that you found this video helpful! 🙏

  • @cmair77
    @cmair775 ай бұрын

    Your tip on transferring rather than withdrawing and depositing was golden, thank you. Overall super helpful, thank you.

  • @CanadianTShirt

    @CanadianTShirt

    5 ай бұрын

    I'm happy to hear that! I have a step by step tutorial on how to Transfer your TFSA from your bank into your brokerage, without costing you a thing or affecting your contribution room so check that out =) kzread.info/dash/bejne/dJpl3Neffs-3g84.html

  • @khanaviation7202
    @khanaviation72023 жыл бұрын

    You've clarified soooo much information which the useless reps at TD can't even do.. Thank you

  • @CanadianTShirt

    @CanadianTShirt

    3 жыл бұрын

    I'm so happy you found this video helpful! In their defence, sales reps at TD or any bank aren't allowed to give you unbiased, financial advice. They are ONLY allowed to offer you TD products like mutual funds or GICs.... I'm not saying that banks can't be useful, they definitely can be! Just be wary and cautious when asking them for advice... at the end of the day, they are salesmen but still ask them questions and learn from anyone you can! =)

  • @lricher11
    @lricher113 жыл бұрын

    I like how fast yet comprehensive you are!

  • @CanadianTShirt

    @CanadianTShirt

    3 жыл бұрын

    Thank you! That's what I try to do! I HATE wasting anyone's time that's why I speak so quickly and cut out all the fluff =)

  • @alpinestar5496
    @alpinestar54962 жыл бұрын

    Just found your channel and so glad I did. I'm finally understanding. Thank you!!!

  • @CanadianTShirt

    @CanadianTShirt

    2 жыл бұрын

    It's my pleasure! I'm glad you found my channel and I'm happy that my videos are helping you! =)

  • @leilanejad7387
    @leilanejad73874 ай бұрын

    I wish there was more than one like button for this video! Super helpful, Thank you!

  • @CanadianTShirt

    @CanadianTShirt

    4 ай бұрын

    I appreciate that! In the meantime, share my videos with a friend and we'll call it even! 😁

  • @magodeoz1989
    @magodeoz19893 жыл бұрын

    Thanks master!

  • @CanadianTShirt

    @CanadianTShirt

    3 жыл бұрын

    hahaha I will only accept that word if you call me a "Jedi Master" 😅

  • @magodeoz1989

    @magodeoz1989

    3 жыл бұрын

    @@CanadianTShirt Deal!

  • @chrizohiks9954
    @chrizohiks99543 жыл бұрын

    I can’t believe this info you’re dropping is free, I guess I have to pay by liking the video... solid info.

  • @CanadianTShirt

    @CanadianTShirt

    3 жыл бұрын

    hahaha I'm not above receiving donations 😅 But if you give me a thumbs up and share it with a friend, we'll call it even 😁

  • @maggielei2915
    @maggielei29153 жыл бұрын

    Really like your video, clear and very knowledgable.

  • @CanadianTShirt

    @CanadianTShirt

    3 жыл бұрын

    Thank you Maggie! I really appreciate that and I'm glad you found them helpful! =)

  • @sheilarementizoofficial7862
    @sheilarementizoofficial78623 жыл бұрын

    Thank u Adrian ,u are always giving information to us ..

  • @CanadianTShirt

    @CanadianTShirt

    3 жыл бұрын

    Thank you Sheila! I really appreciate that and I am happy to help! 😁

  • @akshayrana9351
    @akshayrana93513 жыл бұрын

    Request: A video on saving taxes for salaried employee after registering some business..

  • @akshayrana9351

    @akshayrana9351

    3 жыл бұрын

    @@CanadianTShirt yep saw that and was expecting a series of videos on the same topic. No other canadian youtuber is doing that.

  • @CanadianTShirt

    @CanadianTShirt

    3 жыл бұрын

    @@akshayrana9351 you won't have to wait long! I'm working on the next video in my Business series as we speak! =)

  • @cheeseman1127
    @cheeseman11273 жыл бұрын

    Bro you are a champion! Thank you for all this information

  • @CanadianTShirt

    @CanadianTShirt

    3 жыл бұрын

    Thanks buddy! I'm really happy to hear that you found this video useful and thanks for the support! 🙏

  • @VenomPulse
    @VenomPulse Жыл бұрын

    I recently found your KZread. AND I THANK YOU GOOD SIR. I have a RDSP and after sitting down and talking with the company that deals with my RDSP it was recommended to open a TFSA, Sadly he did not explain everything related to the TFSA, Just to be on the save side I have crossed checked everything you have said. Its all right, from what I can see but you explain it way better then everything I have read and the people I have talked too.

  • @VenomPulse

    @VenomPulse

    Жыл бұрын

    Do you have a email where I could ask you some questions?

  • @unkind4045
    @unkind40453 жыл бұрын

    I know it's a mistake not to max out TFSA, I just don't have that much money😢

  • @CanadianTShirt

    @CanadianTShirt

    3 жыл бұрын

    I feel your pain... but you have to start somewhere! I didn't build my portfolio all at once! I started with a few hundred dollars. Consistency and discipline is the key to building wealth in the LONG TERM! =)

  • @crowndroyal

    @crowndroyal

    2 жыл бұрын

    @@CanadianTShirt so question for you. I came into about 80k and have 75.5k available room. What type of investment can I do within my TFSA that will protect my principal ? With a return of at least 5% ? Also do you know if we can invest in cryptocurrency through a TFSA yet. Tangerine also offers 2.3% intrest although it is only a 5 month promotional period. If one has a wife etc you could get 2.3% for 10 months.

  • @annonm6634
    @annonm66343 жыл бұрын

    I am trying to get my Canadian residency as a UK citizen, I really thought I’d be charged 1% every month if I opened a tfsa, thankfully I watched this video and realised it’s just for over contributions 😅!! Anyways I am super excited to open my tfsa!! Now I just need to convince my Canadian boyfriend to open one too!

  • @CanadianTShirt

    @CanadianTShirt

    3 жыл бұрын

    That's awesome to hear and welcome to Canada! 🇨🇦 That 1% penalty for foreigners is only if you contribute to your TFSA when you are NOT living in Canada (let's say you move away from Canada for a few years) But if you are living in Canada and you have a valid SIN, you can contribute to a TFSA worry free as long as you remain below your limit =)

  • @YasirKhan-ob4qf
    @YasirKhan-ob4qf2 жыл бұрын

    Your videos have single handedly improved my knowledge on Canadian taxation, tfsas etc. Thank you!

  • @CanadianTShirt

    @CanadianTShirt

    2 жыл бұрын

    Wow! Thank you Yasir! I really appreciate that and I'm so happy that my videos have been so helpful for you! =)

  • @YasirKhan-ob4qf

    @YasirKhan-ob4qf

    2 жыл бұрын

    @@CanadianTShirt No problem. Do you also provide personalized coaching where you charge by the hour? Do you have a paid group where you provide more insights to your subscribers?

  • @CanadianTShirt

    @CanadianTShirt

    Жыл бұрын

    @@YasirKhan-ob4qf sorry for the late reply! Yes I do offer 1:1 coaching, message me on Instagram and we can arrange a call to help in your particular situation =)

  • @evafernandez1237
    @evafernandez12375 ай бұрын

    You are simply incredible. Thanks for sharing this.

  • @CanadianTShirt

    @CanadianTShirt

    5 ай бұрын

    Awww thank you Eva! Right back at you! 😊

  • @paob7580
    @paob75803 жыл бұрын

    I'm a little bit confused regarding the withdrawal side for the TFSA. Let's say, for example, that you turned 18 on year 2020. So this year 2021, you'll have $12,000 contribution limit. As an example, if I invested all that money on high yielding stocks that pays $1200 per year ($100 per month), and if I reinvested those money back to those stocks, will my contribution limit for next year 2022 be $6000? (if gov't decided that it is). However, I'm confused in regards when I DO NOT reinvest my $100 every month, and let's say that I withdraw it every month from my investment account (which is my TFSA), will my contribution limit for next year 2022 be $7200? (if gov't decided that contribution limit next year is $6000). Thank you in advance to people who read this post and replied!

  • @sorting_it_out

    @sorting_it_out

    3 жыл бұрын

    I'm pretty sure that yes, you'll be able to contribute $7200! So cool! Hopefully someone else will confirm. 😊

  • @sorting_it_out

    @sorting_it_out

    3 жыл бұрын

    Plus, you can always login to your "CRA My Account" the following year to see your available contribution room.

  • @CanadianTShirt

    @CanadianTShirt

    3 жыл бұрын

    Thanks Kelcy for stepping up for me! You are absolutely correct! If you receive $100 worth of dividends in your TFSA every month, that money is fully tax free and does NOT affect your contribution room, whether you receive the dividend as cash or reinvest it through a DRIP! But if you decide to withdraw that $100 every month, then you will have withdrawn $1200 throughout the year. So next year on January 1, you will have $7200 worth of room ($1200 + $6000) =)

  • @cney2125
    @cney21252 жыл бұрын

    Older vid but maybe you will still see my question. Does trade commission essentially count as lost tfsa contribution room? $5-10 per trade can add up if they don’t count as a withdrawal in the eyes of CRA. 2 trades per month could be nearly $240/year making that year’s effective contribution room $5760….

  • @CanadianTShirt

    @CanadianTShirt

    2 жыл бұрын

    I try my best to answer questions from ALL of my videos, even the older ones! 😁 If you want to look at it like that, ANYTIME your portfolio loses value whether from capital loss or commission fees, this can be viewed as "lost TFSA room" And no, if you pay $5 in commission fees this is NOT a withdrawal, this is just money lost so you don't regain that contribution room

  • @CanadianTShirt

    @CanadianTShirt

    2 жыл бұрын

    But that's why I always recommend people to buy at least $500 worth of stocks at once so that the $5 commission fee will only represent less than 1% which you will most likely recuperate in a matter of weeks. Likely, your very first dividend received will already make up for this so don't worry about this! The $5 commission fee is basically negligible compared to HUGE losses you can face if you hold a risky stock that plummets or the huge currency conversion fees you could face with other brokers. I hope that helps! =)

  • @cney2125

    @cney2125

    2 жыл бұрын

    @@CanadianTShirt Thanks!

  • @jaimalsingh5201
    @jaimalsingh52012 жыл бұрын

    Great video as always. Thank you for sharing!

  • @CanadianTShirt

    @CanadianTShirt

    2 жыл бұрын

    It's my pleasure Jaimal! I'm glad you find value in my videos! 😁

  • @geumyongjung8502
    @geumyongjung85022 жыл бұрын

    Super useful! Thanks for the infos

  • @CanadianTShirt

    @CanadianTShirt

    2 жыл бұрын

    Thank you! I'm glad you found it so useful! =)

  • @abd5414
    @abd54143 жыл бұрын

    Hey,can you make a video on how you run your yt channel?do you need to register a business to earn money through KZread

  • @abd5414

    @abd5414

    3 жыл бұрын

    @@CanadianTShirt i am a minor,is it possible to register a business under my name?i think i need a custodian,right?

  • @ViisionPvP

    @ViisionPvP

    3 жыл бұрын

    I agree I would love to watch a video like this.

  • @CanadianTShirt

    @CanadianTShirt

    3 жыл бұрын

    @@abd5414 technically there's no age requirement to start a business but in order to sign certain legal documents, you must be 18 so you'll need a parent or guardian to sign with you. This also might depend on your province (some provinces have 19 as the age of majority) I'm glad you have an entrepreneurial spirit as such a young age! 🔥

  • @abd5414

    @abd5414

    3 жыл бұрын

    @@CanadianTShirt Thanks to people like you who inspire us with these videos.Keep up the good work!

  • @CanadianTShirt

    @CanadianTShirt

    3 жыл бұрын

    @@abd5414 thank you Galib for those kind words! That truly means a lot to me! 🙏

  • @JP-mj2el
    @JP-mj2el3 жыл бұрын

    Hey, Dude! Love your channel!! Here's a question I can't seem to find an answer to. In my TFSA, if I have a stock I've been investing in for years and decide to sell it and reinvest it in a different stock, would that count against my TFSA cap? Let's say I originally put in 5,000 dollars, and that 5,000 grew into 10,000 after year's of growth. I sell that 10,000 within my TFSA and right away reinvest it in something . . . would that count against my TFSA limit?

  • @CanadianTShirt

    @CanadianTShirt

    3 жыл бұрын

    Not at all! That's the beauty of the TFSA! Any gains you make INSIDE the TFSA (capital gains, dividends or DRIPs) do NOT count as contributions so they don't affect your available room at all! You get to enjoy that $5000 of profits tax free and worry free! =)

  • @CanadianTShirt

    @CanadianTShirt

    3 жыл бұрын

    The contribution room only dictates money coming into the TFSA and money going out. Whatever money you earn INSIDE the TFSA is totally fine, there's no limit on that! =)

  • @JP-mj2el

    @JP-mj2el

    3 жыл бұрын

    @@CanadianTShirt So I could reinvest that $5000 profit along with the original $5000 I invested into another stock and not worry about that $5000 profit counting against my cap? As long as I do this within my TFSA? Thank you for the swift reply!

  • @JP-mj2el

    @JP-mj2el

    3 жыл бұрын

    @@CanadianTShirt It seems too good to be true. So, someone who makes one million off their stocks decides not to withdraw, instead sell and reinvest within their TFSA, would not exceed their limit. That's amazing, if so.

  • @bobsperry4230
    @bobsperry42303 жыл бұрын

    I have learned alot for you. Thanks for the great explanations!

  • @CanadianTShirt

    @CanadianTShirt

    3 жыл бұрын

    Thank you Bob! I'm happy to hear that my videos have provided value! Have a great weekend! =)

  • @redditchronicles3124
    @redditchronicles31243 жыл бұрын

    Might be a dumb question but does re-balancing your TFSA affect the contribution room? Thanks. Great video btw.

  • @CanadianTShirt

    @CanadianTShirt

    3 жыл бұрын

    Not at all! Nothing you do INSIDE the TFSA affects your contribution room at all! You can buy stocks, sell stocks, whatever, it doesn't affect your room. The CRA only cares about money coming into the TFSA and money going out! =)

  • @redditchronicles3124

    @redditchronicles3124

    3 жыл бұрын

    @@CanadianTShirt Thank you very much!🙂

  • @AndooDiep

    @AndooDiep

    2 жыл бұрын

    @@CanadianTShirt This answered my question too. In my head it made sense but I wasn't 100% sure. Thanks for the vid!

  • @CanadianTShirt

    @CanadianTShirt

    Жыл бұрын

    @@AndooDiep I'm happy to help! It's a very common question for sure! =)

  • @caqc7351
    @caqc73513 жыл бұрын

    Hi Adrian, superb content as usual!! Do you or anybody here know if you will surpass your TFSA contribution limit once you receive dividends in a TFSA account with WEALTHSIMPLE? In other words, once you receive dividends in a TFSA account in Wealthsimple, do they keep it under your TFSA or do they go to a sort of 'deposit' account from Wealthsimple where you can reinvest or cash out that money? I haven't opened my account yet and apologise if that's too obvious! Thanks in advance. Much success everyone!

  • @CanadianTShirt

    @CanadianTShirt

    3 жыл бұрын

    Nope! When you receive dividends from your TFSA account with WealthSimple or Questrade or any broker, that cash is received inside your TFSA and this does NOT count as a contribution so it doesn't affect your room! You can use that money to buy more stocks and it's totally tax free since it was earned inside the TFSA =)

  • @CanadianTShirt

    @CanadianTShirt

    3 жыл бұрын

    Even if your TFSA is maxed out and you receive a dividend, it will NOT push you over the limit since the income earned (dividends and capital gains) does NOT count as a contribution =)

  • @caqc7351

    @caqc7351

    3 жыл бұрын

    @@CanadianTShirt Fantastic, thank you so much. Sometimes I feel like taking your time since you go through all the comments and give so much attention to our questions. I REALLY want you to blow +5M on youtube and get super rich! I appreciate all what you do Adrian, your financial videos have been helping me start with the right foot in Canada and as I bring my skilled friends over they'll darn surely go thru your videos so they can start with the right foot as well haha Thank you so much again!

  • @CanadianTShirt

    @CanadianTShirt

    3 жыл бұрын

    @@caqc7351 haha sounds like a plan! 😄 And yes please! If you have any friends who could benefit from my videos please send them my videos! 😁

  • @sticq
    @sticq3 жыл бұрын

    Hi from Quebec. Good quality content as usual and easy to understand.

  • @CanadianTShirt

    @CanadianTShirt

    3 жыл бұрын

    Bonjour mon ami! Merci beaucoup! 😁

  • @kc1973able
    @kc1973able10 ай бұрын

    Love this channel

  • @irinic9546
    @irinic95463 жыл бұрын

    Excellent video! Very informative!

  • @CanadianTShirt

    @CanadianTShirt

    3 жыл бұрын

    Thank you Irini! I'm glad you found it valuable! 😁

  • @tannisjohnson6456
    @tannisjohnson64563 жыл бұрын

    Thanks! I learned so much from this one video!

  • @CanadianTShirt

    @CanadianTShirt

    3 жыл бұрын

    Thank you Tannis! I'm glad you found so much value in this video, make sure you check out my other Canadian Tax Guide videos =)

  • @_Greens_
    @_Greens_18 күн бұрын

    Very well explained! Thank you very much!🙏🏻

  • @CanadianTShirt

    @CanadianTShirt

    17 күн бұрын

    You're welcome! =)

  • @isiahdasilva
    @isiahdasilva2 жыл бұрын

    good shit adrian. great info, great delivery of it all!

  • @CanadianTShirt

    @CanadianTShirt

    2 жыл бұрын

    Thanks Isiah! I really appreciate that! 🙏

  • @marctrottier3732
    @marctrottier3732 Жыл бұрын

    ...thanks for all your smarts...you have change my ways...

  • @CanadianTShirt

    @CanadianTShirt

    Жыл бұрын

    Thanks Marc! That's what I try to do! =)

  • @jorawarsingh5271
    @jorawarsingh52719 күн бұрын

    Love the way you explain! Thank you so much.

  • @CanadianTShirt

    @CanadianTShirt

    6 күн бұрын

    Thank you so much! I'm happy to help! =)

  • @rockerfeller9492
    @rockerfeller94923 жыл бұрын

    SUPER BEST GREAT (information) in the shortest time savings video, EVER, some youtubers would take 5 hours to explain to gain viewing hours.... You DAAH best explainer out there and you respect viewers time.

  • @CanadianTShirt

    @CanadianTShirt

    3 жыл бұрын

    Thanks buddy, that's what I try to do! I HATE the idea of wasting anyone's time... that's why I talk so fast and I try to cut out all of the useless fluff =)

  • @enkhsaruultorguud9293
    @enkhsaruultorguud92932 жыл бұрын

    Best of the best explanation Adrian Thank you very much

  • @CanadianTShirt

    @CanadianTShirt

    2 жыл бұрын

    Thank you! I really appreciate that and I'm happy that you found it useful! =)

  • @kristiantorres1080
    @kristiantorres10803 жыл бұрын

    Excellent information as always!

  • @CanadianTShirt

    @CanadianTShirt

    3 жыл бұрын

    Thank you Kristian! I'm glad you found value in my videos! =)

  • @jessiesantos547
    @jessiesantos5472 жыл бұрын

    thank you thank you! i got all the answers to my Questions!!!!

  • @CanadianTShirt

    @CanadianTShirt

    2 жыл бұрын

    My pleasure Jessie! That's what I LOVE to hear! 😁

  • @canbee
    @canbee2 жыл бұрын

    Thank you so much for this!! Very useful information :)

  • @CanadianTShirt

    @CanadianTShirt

    2 жыл бұрын

    Thank you Maiara! I'm glad to hear this was helpful! =)

  • @ViraVorobiova
    @ViraVorobiova Жыл бұрын

    Thank you! This is very important information!

  • @CanadianTShirt

    @CanadianTShirt

    Жыл бұрын

    My pleasure Vira! I'm happy to help! =)

  • @Random.Adventures.
    @Random.Adventures. Жыл бұрын

    Great video much appreciated

  • @CanadianTShirt

    @CanadianTShirt

    Жыл бұрын

    It's my pleasure! I'm glad you found it so helpful! =)

  • @GrahamMurphyMusic
    @GrahamMurphyMusic3 жыл бұрын

    Great content as always Adrian!

  • @CanadianTShirt

    @CanadianTShirt

    3 жыл бұрын

    Thank you Graham! I really appreciate that! 🙏

  • @CanadianDividendInvesting
    @CanadianDividendInvesting3 жыл бұрын

    Awesome points Adrian, thanks for sharing!

  • @CanadianTShirt

    @CanadianTShirt

    3 жыл бұрын

    It's my pleasure! I hope you found it valuable! 😁

  • @CanadianDividendInvesting

    @CanadianDividendInvesting

    3 жыл бұрын

    @@CanadianTShirt Love all the info you put out man, really appreciate it. I wouldn't be where I am today with investing if it wasn't for your educational videos

  • @jdhdbdjdjrjrjrj1495
    @jdhdbdjdjrjrjrj14953 жыл бұрын

    Loving the videos man keep up the good work 🔥

  • @CanadianTShirt

    @CanadianTShirt

    3 жыл бұрын

    Thank you! I'm happy to hear that my videos are helpful! =)

  • @ravivasara2680
    @ravivasara26802 жыл бұрын

    It's a extremely helpful for me dear. Thank you soo soooooo much for this video.

  • @CanadianTShirt

    @CanadianTShirt

    2 жыл бұрын

    My pleasure Ravi! I'm so happy to hear that this video was helpful! =)

  • @tashadavid730
    @tashadavid730 Жыл бұрын

    Great video!👏🏽

  • @CanadianTShirt

    @CanadianTShirt

    Жыл бұрын

    Thank you! I'm glad you found it helpful! =)

  • @k______..
    @k______..3 жыл бұрын

    love your content, thanks adrian!!!!

  • @CanadianTShirt

    @CanadianTShirt

    3 жыл бұрын

    Thank you K! I'm so glad you find my videos helpful! =)

  • @willkeen5010
    @willkeen50103 жыл бұрын

    Such great advice Adrian 👍

  • @CanadianTShirt

    @CanadianTShirt

    3 жыл бұрын

    Thanks Will! I'm glad you found it valuable! =)

  • @gwilding1
    @gwilding15 ай бұрын

    Thank you !!! Appreciate it that.

  • @CanadianTShirt

    @CanadianTShirt

    5 ай бұрын

    My pleasure! Happy to help! =)

  • @manikvij225
    @manikvij2252 жыл бұрын

    Very informative video thanks for the knowledge 👍👍

  • @CanadianTShirt

    @CanadianTShirt

    2 жыл бұрын

    Thank you Manik! I'm happy to hear you found this helpful! =)

  • @ashirmyratsaparov8049
    @ashirmyratsaparov80499 ай бұрын

    Thank you man for the great job 5⭐️

  • @CanadianTShirt

    @CanadianTShirt

    9 ай бұрын

    Thank you for binge-watching my videos! I'm glad you have been finding them helpful! =)

  • @christinesabbagh623
    @christinesabbagh6232 жыл бұрын

    very helpful thank you!

  • @CanadianTShirt

    @CanadianTShirt

    2 жыл бұрын

    My pleasure Christine! I hope you found this video helpful! =)

  • @ShameerRavji
    @ShameerRavji3 жыл бұрын

    Thx for the vid. Just signed up for Wealthsimple recently as I was getting sick and tired of the $10 commissions holding down my portfolio and now in the process of transferring my investment accts from my bank I’ve to WS. Much easier now for me to cost average into positions.

  • @MrTC-rv3jo
    @MrTC-rv3jo2 жыл бұрын

    Amazing video man! Bravo!

  • @CanadianTShirt

    @CanadianTShirt

    2 жыл бұрын

    Thank you! I'm glad you found it helpful! =)

  • @ritabihari9496
    @ritabihari94969 ай бұрын

    Very good information . Thanks for sharing this.

  • @CanadianTShirt

    @CanadianTShirt

    9 ай бұрын

    My pleasure! I'm so glad you found it helpful! Make sure you watch my RRSP MISTAKES video as well! =) kzread.info/dash/bejne/e2yfm5eYgsKyj7Q.html

  • @alexboyd3980
    @alexboyd39802 жыл бұрын

    This is a very informative video! thank you

  • @CanadianTShirt

    @CanadianTShirt

    2 жыл бұрын

    It's my pleasure Alex! I'm glad you found it useful! =)

  • @fanCHatee
    @fanCHatee Жыл бұрын

    Great video!

  • @CanadianTShirt

    @CanadianTShirt

    Жыл бұрын

    Thank you! I hope you found value in this video! =)

  • @shahjmir
    @shahjmir Жыл бұрын

    this video is so helpful

  • @CanadianTShirt

    @CanadianTShirt

    Жыл бұрын

    That's what I LOVE to hear! I'm glad you found is useful! =)

  • @IdeaInconclusa
    @IdeaInconclusa2 жыл бұрын

    Thank you so much! 👍👊💪

  • @CanadianTShirt

    @CanadianTShirt

    2 жыл бұрын

    It's my pleasure Juan! I'm happy to help! =)

  • @thespiritsafe
    @thespiritsafe6 ай бұрын

    Would be great to see a video on common employee benefits and how they can affect your tax/financial position e.g. car allowances/parking permits/transit subsidies/takehome vehicles/share purchase schemes

  • @tammiminaj
    @tammiminaj2 жыл бұрын

    Brilliant video

  • @CanadianTShirt

    @CanadianTShirt

    2 жыл бұрын

    Thank you Symsima! I'm glad you found it helpful! =)

  • @yonasberhane7635
    @yonasberhane76352 жыл бұрын

    Thank you so much helpful info.

  • @CanadianTShirt

    @CanadianTShirt

    2 жыл бұрын

    I'm so happy to hear that! Make sure you check out the other videos in my Canadian Tax Guide (grey thumbnails) for more useful info! =)

  • @mmheat1
    @mmheat13 жыл бұрын

    Thanks for the great video!!!

  • @CanadianTShirt

    @CanadianTShirt

    3 жыл бұрын

    Thank you so much! I really hope you learned something useful! =)

  • @FT099
    @FT0992 жыл бұрын

    Excellent video. Learned a lot.

  • @CanadianTShirt

    @CanadianTShirt

    2 жыл бұрын

    Thank you! I'm happy to hear that you found value in this video =)

  • @mysjackson88
    @mysjackson883 жыл бұрын

    I have learned a lot from this video. I did not know about the day trading subject nor the limit to drop into it. There should be disclaimers when opening those accounts. This video is extremely useful.

  • @CanadianTShirt

    @CanadianTShirt

    3 жыл бұрын

    I'm happy to hear that you found so much value in this video! Make sure you check out my other videos in my Canadian Tax Guide to learn all of the rules with different investing accounts! =)

  • @mysjackson88

    @mysjackson88

    3 жыл бұрын

    @@CanadianTShirt I will certainly do. I am risk tolerant and invested heavily in the "meme" stocks during the rona. I made substancial amounts and almost got screwed because of those rules. I am certainly going to study those videos. Maybe transfer stocks between accounts from TSFA and RRSP... if they let me do that. You have no idea how important those videos are.

  • @juliah3442
    @juliah34423 жыл бұрын

    Thank you for great video!

  • @CanadianTShirt

    @CanadianTShirt

    3 жыл бұрын

    Thank you Julia! I'm glad you found it helpful! =)

  • @cuybueno
    @cuybueno3 жыл бұрын

    Another kick-ass video!

  • @CanadianTShirt

    @CanadianTShirt

    3 жыл бұрын

    hahah that's what I LOVE to hear! Thank you! 😁

  • @matthewcheung5136
    @matthewcheung51363 жыл бұрын

    Thanks for sharing!

  • @CanadianTShirt

    @CanadianTShirt

    3 жыл бұрын

    Thanks for watching Matthew! I hope you learned a thing or two! =)

  • @adrielomalley
    @adrielomalley Жыл бұрын

    This is great 👍

  • @CanadianTShirt

    @CanadianTShirt

    Жыл бұрын

    Thanks buddy! I'm glad you found it helpful! =)

  • @eliebakini9212
    @eliebakini92127 ай бұрын

    Thank you so much!

  • @CanadianTShirt

    @CanadianTShirt

    7 ай бұрын

    My pleasure! I'm glad you found it helpful! =)

  • @mastpunjabivideos2587
    @mastpunjabivideos25873 жыл бұрын

    Hey budd, I m new in canada. Your videos are super helpful . 5 stars from me . Keep it up.

  • @CanadianTShirt

    @CanadianTShirt

    3 жыл бұрын

    Thank you buddy! I really appreciate that and welcome to Canada! 🇨🇦

  • @leticiawatts742
    @leticiawatts742 Жыл бұрын

    Very useful, thanks 😊

  • @CanadianTShirt

    @CanadianTShirt

    Жыл бұрын

    It's my pleasure! I'm happy to help! 🙂

  • @bluestarfishsea
    @bluestarfishsea8 ай бұрын

    This is so helpful, thk u 🙏

  • @CanadianTShirt

    @CanadianTShirt

    8 ай бұрын

    It's my pleasure! I'm glad you found it helpful! =)

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