5 Big TFSA Mistakes I Made You Must Avoid!

Get 4x The Rewards, Download the app and use my WS referral code = F14M1W

CONTACT:

[diveintothesky]

Only note I’d make is that your contribution limit starts at 18, and if not maxed out, rolls over. So if you’ve not invested in 10 years, you still have that roughly 65000 of contribution room

[StackAndPrepper]

Here's a tidbit that I learned early on. It’s best to do your high risk investing in a non-registered account, but if you’re going to do any speculating in a registered account, it’s better to put high risk stocks in your RRSP rather than your TFSA. That might seem counterintuitive, but hear me out. You want to earn the highest returns in your TFSA, since you won’t ever be taxed on any of these gains. Therefore, you should be conservative with your TFSA equities. If you’re going to lose money, it’s better to lose it in your RRSP because you do have to pay tax on any gains when you retire. And you won't pay tax on a loss. But I’ll say it again, it’s better to hold your high risk plays in a non-registered account.

[davidlin]

Great video Robin - opening a TFSA has changed my life several years ago because it allowed me to avoid tax on any capital gains on all of my investment income.

[Wongoo]

You can go onto your CRA account to get what the government sees as your contribution limit. I find this is probably the most accurate way to check if you have no idea how much space you have.

[richardbeachey]

Robin. Great Post. Thank you as usual. I would encourage everyone to take advantage of their TFSA room....if they can. Not everyone can - but even a little bit will help and like Robin invest in equities like blue chip paying equities or the ETF's he has built up. Initially I had only a couple of mutual funds until I decided on a self directed TFSA. That has taken off! And big bonus has also reduced my costs. One BIG mistake I made was getting into a riskier stock in late 2019 and 2020. It went to hell and imploded and that TFSA room of $6, 000 is gone forever - No tax writeoffs So be careful with your choices.

[CandaceMountain]

Thanks for sharing. I think the only mistake I made is not understanding it when I started and I was using my personal instead. Once I caught on, I sold my personal stocks and rebuilt my portfolio in my TFSA.

[CanadianDividendInvesting]

Awesome video and great points man, anyone who is starting to get into investing can benefit from this video!

[mordudelatechno]

6. don’t gamble in your TFSA. If a stock goes real bad you may never recover your contribution room that you “spend” on the stock.

[freethinker]

Hey Robin can you reinvest your gain within the tfsa without effecting the contribution room?

[JUSTAVGGAMING]

Fun fact for people that just started investing in TFSA you shouldn't worry about going over as you have bigger room to play with unless you just gonna drop 100k in one shot.

[zaeemnasir]

Thanks Robin. I just started my investing journey and all of your videos are very helpful! Keep posting!

[missygilly]

I’ve been advised to do Canadian stocks, ETFs inside TFSA, and US holdings, stocks in RRSP so that 15% withholding tax won’t apply in RRSP due to Tax treaty agreements between our governments. I appreciate your tips, Robin!

[eyesontheprize]

Regarding your limit remaining in your TFSA(s), you can call the Government and they will give you where you are at as per the last income tax you filed.

[steveg]

You cant claim any losses on shares invested in a TFSA, Put high risk investments in a non-registered account. At end of year if you have profits in non-registered account, you can reduce tax on gains by offsetting loses.

[StackAndPrepper]

You can find out how much remaining contribution room you have on both your TFSA and RRSP by logging into your Canada Revenue Agency account.

[Mikey-vtto]

Great video. Very informative. TFSA is an amazing tool for investment and earning tax free money.

[acarvey]

If you hold American dividend paying stocks in your TFSA you will be hit with a withholding tax, from what I understand it's best to hold these inside your RRSP?

[ps-vsqf]

What is good limit buy or market buy on wealthsimple? I always trade market buy.

[eyesontheprize]

So, when investing in US funds or ETFs do you recommend buying with US Dollars as opposed to buying a Canadian Hedged ETF?

[RS-dcwy]

That HYLD you recently recommended.. U.S. covered call Canadian hedged; Should it go in tfsa or personal account?