4 TFSA Investing MISTAKES To Avoid | Part 2!

This video covers 4 more investing tips and mistakes relating to investing and the TFSA! This is part 2 of a series of stock market investing videos covering tips and mistakes to avoid! Follow me on Instagram: Griffin Milks

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Music:

[GriffinMilks]

With the awesome feedback from my previous video, I decided to make part 2 of the TFSA and investing mistakes! Let me know your thoughts down below and have a great day :)
-Griffin

[jorenallard]

1. 1:50 - What happens when you overcontribute to your TFSA = The overcontribution gets a monthly 1% tax
2. 4:35 - TFSA is meant for investing, not saving or short term trades.
3. 8:20 - Time in the market > timing the market; worry less about your entry point on buying
4. 11:25 - Don't invest without a strategy or goals

[ArushiGupta]

Is there a video wherein you talk about how you go about researching/evaluating a stock? It'd be great to learn more about how to decide which stock is a good option.

Love your content!

[oletalee]

Always jumping on ASAP when i see your notifications! thanks again Griffin. Great to see a fellow Canadian on this platform

[remusomega]

So in some situations it might actually be a profitable strategy to over-contribute to your TFSA. Interesting.

[OurEveryJLife]

Thumbs up for the Canadian FIRE community!

[eunicepanduro]

As always, loving your videos. All this info is amazing!
I have a question. What exactly is considered contribution? Is the money that you directly deposit to the account? Or also counts as, if for example, you bought some shares of apple and sell six months later for a profit. Does that profit you got by selling, that is still inside of your account, is considered a contribution as well?

[arturosoto]

Excellent information, thanks Griffin for sharing.

[alexli]

what if it is100 trading activities over a year, is that day trading? what if i buy GME back in Jan in TFSA and GME shoots to the moon in the next few months ? is that business income ?

[aronkahsay]

Hi Griffin, my name is Aron, I live in Woodstock Ontario .First I really appreciate what you are doing, its just very helpful for new investors like me. I have been following you for over a year now, keep up the good work. I was wondering if you could give me your opinion on the OTC(over the counter stocks) in my TFSA account. I have opened a small account with questrade after following you for quit some time. Can I keep OTC stocks in my TFSA account? Does it have any down sides ? So I would really appreciate your opinion on this one. Ones again keep up the good work! Thank you!

[eshaank]

How do you feel about the recent dip in DOC and telehealth as a whole?

[chantalllong]

New to investing and I have learnt so much from you. You are always so clear and informative. Thank you.

[futuresense]

7:36 how do they find out Time spent in trading activities?

[Namdaq]

If I day traded with TFSA and I made a profit of $2000 but then I made a loss of $3000, will I be taxed on the $2000?

[MelissaOnline]

🇨🇦🇨🇦 we're always up for any video you come out with!🇨🇦🇨🇦

[delhidelhi]

I started investing after watching your videos, WELL HEALTH was my first stock after your well health video, i am up 100% so far!!
I do research but my first priority is your videos! you in-depth analysis helps a lot!!
Thanks Griffin!!
I hope you will reach 100k subscribers soon!!💯

[shashwatduggal]

Hey Griffin, If I sell a stock in just under 2 Weeks will it be taxed in my TFSA. I am making a huge profit on it.

[mindfulinvestor]

My #1 TIP would be changing the TFSA name to TFIA as “TAX Free Investment Account”.
Please take advantage to the tax sheltered growth within this account, it’s absolutely critical that you know how your investments work within the account.
I’ve personally grown it to $250k+ taking a few speculative leaps. Good luck with your investment journey all!

[tomhenderson]

What if you have a contribution room of 50, 000 and you overcontribute 25, 000 so let's say there's $75, 000 in the TFSA, at the same time you invested that $75, 000 and for some reason the stocks you bought absolutely tanked and you sold it for $1000, even by withdrawing the $1000, you're still short of the 25, 000 overcontributed and you are now at the position of $24, 000 overcontribution. Is there any way to correct this contribution or would I have to pay $24, 000*0.01 a month for the rest of my life?

[richardcyr]

What are the consequences for the TFSA account if your activities are flagged as business income?