It's good to find this channel and I subscribe! My question is when I checked my CRA account and my TFSA contribution room is 36k and I have a 40k in my bank TFSA account. Did I over contributed or do I still have to put more on my TFSA account?
Limit is based on contributions and not balance. It is possible that you still have room left since your balance would also include and money you made on your investments but you will need to double check that. CRA only updates the limit once a year, so whatever you put into your account this year will not show up on their system until next year. Hope that helps.
@@TheIndependentDollar It's hard to contact CRA to double check my contibution limit, It keeps ringing for 30 minutes. I'm just confuse about the contribution room of $36k in my CRA account. Thank you!
this makes me nervous, not that i even make trades that often, i feel bad for that one guy, it shouldnt matter what goes on inside a tfsa, dick move on the government for trying to take profits on other peoples gains, we already pay enough in taxes
Hi, great video, ty. I do have a question though. If you bought a stock and you sold it very quickly with a big profit, would the CRA tax you on the profit of this particular stock or on all the stocks you have in your TFSA?
Hi W H, I think it is more of a concern when it is a repeated behavior vs just a one time activity. That being said, I haven't seen anything on CRA referencing an example like this so I am note sure.
I have a TFSA account. If I diversify my TFSA portfolio in US equity, Canadian equity, International equity, global equity, fixed income and target date funds, will this be considered a business activity, and will I consequently be taxed on the gains I will get?
Hi Geli Gee! I wouldn't imagine that diversifying the types of investments within the account would be considered business activity, but if you're day trading that would be a different story. You may want to be careful as to what investments you buy within the TFSA that are outside of Canada. I would suggest checking out our video that explains tax on foreign investments within your TFSA & RRSP so you can optimize which accounts you use for which investments. You can check it out here: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-8laJYxXbOKY.html
Thank you so much for such a great video...have question about my TFSA contribution room.. After checking myCRA account, it says i have contribution room for 2021 is $18000 and TFSA dollar limit for 2021 is 6000$.. so that means for 2021 i can only contribute till 6000$? what is then $18000 contribution room for? i never have any TFSA account before..this is my first time contribution to TFSA.
Hi Dharmesh Parekh, your contribution room starts accumulating as soon as you are eligible to open an account, even if you don't own one. Just be careful about the limits you see on the CRA website, they are not fully updated until a few months into the year. We have another video on TFSA limits that you can check out to help you figure out your limit , which might be helpful to compare to the CRA site. You can check out that video here: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-P-6F83ucN8Q.html
It depends on what you want to buy, usually if you are opening a TFSA account within your bank you are restricted to their products vs a discount brokerage TFSA account where you can buy close to anything. I would suggest checking out this video because we explain some of the pros and cons to product options and fees depending on where you open your account: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-biG0YNoBgMg.html
I understand TFSAs have been around for a number of years now, but what if a person has only had a TFSA account for lets say 2 years. Is the maximum contribution limit for that account based on how long that particular account has been around for? or based off of how long TFSAs have been around? So like max contribution room of $12,000 vs $75kish ?
Hi Rick C, TFSA contribution room starts to accumulate as soon as you are eligible to have one, even if you haven't opened one yet. So as long as you were eligible to own the account since it first opened back in 2009, the cumulative limit for this year would be $75,500. If you want to reconfirm your individual limit, you can contact CRA or log into your CRA "MY ACCOUNT" online and your limit should appear on the home page. Hope that helps!
Question: HI, I was wondering if you can help me with a TFSA question to the best of your ability, let me give you the example: At the beginning of 2021 I had $15,000 in contribution room left, if I withdraw $5,000 from TFSA only to return it back in the 2021 calendar year, will my contribution limit still be $15,000 for the 2021 calendar year once the $5,000 is returned to my TFSA ?
Hi Robbie S, in your example your contribution room would be reduced to $10,000 for 2021 once you make the $5,000 deposit, even if you're just putting back the same money you took out. You will get that $5,000 room back in 2022. If you get the chance, take a look at the time stamp: 2:48 TFSA Withdrawals When You Have Contribution Room, it gives another example to help illustrate how that works. Hope that helps 🙂
Could I just put every paycheck in it and just withdraw it right after ? Doesn't that mean anyone can live tax free if you your salary is within your total tfsa contribution limit?....
