Tax Free Savings Account for Beginners 2019

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Learn the Basics of the TFSA - Tax Free Savings Account

TFSA stands for Tax Free Savings Account and unlike it's name implies, it is actually an Investment Account. TFSAs can be used to help plan and save for retirement or for upcoming purchases like buying a home, a vacation or a car.

The limits can sometimes be confusing Common questions individuals ask are: Is there a lifetime limit on TFSAs? How much can I put in a TFSA if I have never contributed? Or, what happens if I over contribute to my TFSA?

This video will explain: what is a TFSA account and how does it work?

What are the benefits of a TFSA?

One of the benefits of a TFSA is that your money grows tax free. Unlike an RRSP, when you take money out of your TFSA, you don't have to pay tax on anything you made on your investments. In addition, you can also name a beneficiary on your TFSA.

What can you in invest in inside a TFSA?

Inside of your TFSA, you can invest in things like stocks, bonds, GIC etc. TFSAs can easily be opened up through your bank or online brokerage.

This video explains the basics of what a TFSA is and how they work.

Topics Include:

- What is a TFSA - Tax Free Savings Account?
- TFSA vs RSP
- Allowable investments within a TFSA
- What are the TFSA Limits
- TFSA Deposits, TFSA Withdrawals and TFSA Losses
- TFSA Limit 2019
- TFSA Lifetime limit 2019

#tfsa #tfsabasics #tfsaexplained

Useful Links:

TFSA Contribution Room:

TFSA Contributions, TFSA withdrawals and TFSA transfers:

Who can open a TFSA and how to open a TFSA:

How do TFSAs impact government and social benefits:

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