TFSA Explained | The Best Account for Canadians

Hey everybody, today I will be going over my favorite account for investing, the TFSA. Each year, the government gives each Canadian over the age of 18 a certain amount ($6,000) that can be invested into the TFSA. Once this money is in the TFSA, you will be able to purchase into a wide array of investments. Any gains on that money will not be taxed and can be withdrawn at any time, tax free.

Timecode:
0:00​​​ - Intro
0:25​ - TFSA explained
1:00​​​ - How TFSAs work
1:40​​ - Contribution Limit Example
3:00​ - Contribution Limit Calculation
3:28​​ - What Should I Invest in my TFSA?
4:00​​​ - Common Misconceptions / Questions about the TFSA
4:08​​​ - How do I open a TFSA?
4:20​ - Can I have more than 1 TFSA?
4:42​ - What If I over-contribute to my TFSA?
4:55​​ - Can I day trade in my TFSA?
5:03 - Can I buy US stocks in my TFSA?
5:17 - Can I have my TFSA with my bank?
5:48 - How Do I move my TFSA out of my bank?
6:30 - Can I use my TFSA for short-term savings?
6:57 - Can I write off losses in my TSFA?
7:30 - Closing thoughts / Summary
8:30 - Outro


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🎼Music:
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Disclaimer:
I'm not a financial advisor and you should always do your own research when doing any type of investing.

Resources:
TFSA Info: www.canada.ca/en/revenue-agency/services/forms-pub…
CRA login: www.canada.ca/en/revenue-agency/services/e-service…
Transfer In-Kind: www.savvynewcanadians.com/transfer-rrsp-tfsa-resp-….
Capital Gains Tax: www.canada.ca/en/revenue-agency/services/forms-pub…
TFSA overcontribution: www.advisor.ca/columnists_/wilmot-george/how-to-fi…
TFSA Day Trading: thefinancialgeek.com/blog/are-you-allowed-to-day-t…