| Title | : | 5 Common TFSA Mistakes to Avoid in Canada | Tax-Free Savings Account Canada |
| Duration | : | 10:50 |
| Viewed | : | 19,303 |
| Published | : | 11-04-2021 |
| Source | : | Youtube |
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#tfsa #tfsacanada #tfsamistakes
5 Common TFSA Mistakes to Avoid in Canada | Tax-Free Savings Account Canada
TFSA is one of Canadian’s favorite investment accounts
With nearly 15 million Canadians having one.
However, not everyone in Canada knows the account’s true potential
so in this video, you’ll learn 5 common mistakes Canadians make with their TFSA
The first mistake is an obvious one You don’t have a TFSA!!
New data from the CRA has shown that as of December 2018
There were 20,779,510 TFSAs but they are held by 14,691,280 unique TFSA holders
Keep in mind that, there are 30 million Canadians who are 18 and above.
Meaning 1 in 2 Canadians does not have a TFSA.
Also, when we add all the money in the TFSA together,
there are roughly $298 billion in the pool.
So If you do the math
This means that the average Canadian with a TFSA of fair market value
Had $20,300 at the end of 2018.
Only 1 / 3 of the maximum contribution
In addition, CRA also shared the demographic breakdown by age and income of those who use TFSA
Interestingly one-third of TFSA holders are under the age of 40
28% between 40 and 65
And remaining are those over 65.
I’m a firm believer to start saving at a young age
So this stat is particularly nice to see because younger Canadians are thinking about this!
Now you might think, I don’t have a ton of income to start saving yet
So can’t I just start later?
CRA also shared the breakdown of income levels
52% of TFSA holders made under $50,000 in their total income
Which is slightly lower than the Canadian average income
The average TFSA balance at December 31, 2018, was $20,300
for those TFSA holders with income from $20,000 to $90,000.
Of course, those who had higher income levels had higher average TFSA balances
With $90,000 to $250,000 income brackets holding $27,000 TFSA balance
And those over $250,000 income with $43,300 in their TFSA
0:00 Intro
0:55 Mistake #1: Don't open a TFSA
3:33 Mistake #2: Just treat it as a saving account
5:50 Mistake #3: Age Limit
8:05 Mistake #4: Over Contribution
9:30 Mistake #5: No Plan at all
Enjoy!
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In the past 10 years, Thomas C Chan been focus on helping Canadians to develop for their financial success, with advice about investments and insurance, such as life insurance, critical illness insurance, and disability insurance.
Whether you want to know more about tax saving, retirement planning, or financial growth, Thomas can bring clarity on your retirement, wealth, and insurance. He understands the life stages and challenges that people are going through.
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