The Tax Free Savings Account in Canada can be confusing to understand. Avoid the most common mistakes that people make by watching this video. Let’s make your money grow without having to pay penalties!
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Here is a recap of the video:
-00:30 Definition of Tax Free Savings Account (TFSA)
-00:41 Invest money for the short term
-01:06 You don’t pay tax on your capital gains
-01:43 There is a limit to how much money you can put in you TFSA
-02:27 Great way to start saving money
-03:02 Be careful, you don’t want to pay penalty
-03:16 Leaving money in cash in a TFSA defeats the purpose
-04:07 Investing example
-04:13 Tweetable: Take advantage of tax benefits with a TFSA
-04:24 Challenge: If you don’t have a TFSA, set one up. Do your best to save ,500 this year
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Limor Markman – Money Expert
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Just a reminder, that I’m not a Certified Financial Planner, the content is my opinion only. I’ve made every effort to ensure that the information in my videos has been accurately represented. I do not warrant or represent that the information is accurate, up-to-date, comprehensive, verified or complete. The content has been developed for educational and informational purposes only and is made available to you as self-help tools for your own use; it is not a substitute for professional advice. I shall not be liable for any investment decisions or any other actions taken by you based on information contained in this site.
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