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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

- Want To Learn More With Thomas? - ■ 💸Not sure If you are on the right path in saving? 💪 Download this FREE Financial Clarity Checklist: ter.li/yrj3qg ■ 💰Want to have a chat with Thomas? 🕵ter.li/pxrgu9 #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! ______ 👍 SUBSCRIBE TO THOMAS YOUTUBE CHANNEL TODAY!💪 youtube.com/thomascchan?sub_confirmation=1 🗣 Feeling stressed regards to your current finance? Learn 5 EFFECTIVE ways to Boost your Financial Immune System Download this FREE, EASY, Step-by-Step checklist 🔊 mailchi.mp/6fdcfaf76d75/financialdefenseroadmap _______ Looking for Mortgage, Accounting, Legal Advice? Connect with Thomas: bit.ly/2FFUX6T Want to know how Insurance works in Canada? Insurance 101 in Canada: bit.ly/2T4dCfs Is Your Saving On track with your financial goal? Investment 101 in Canada: bit.ly/35ai16f The secrets all wealthy people know: Financial Freedom 101: bit.ly/3j5XuER Our Right and Duty in Canada: Taxes and Benefits in Canada: bit.ly/3dEaGjt ----------- 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. In Canada, you have many options for savings and investment vehicles, such as the RRSP and TFSA. To figure out how to take advantage of your options, Thomas can help you figure out what best suits YOUR financial needs. If you are interested in learning about how money works, and how to work with money, check out his videos! Facebook|fb.me/ThomaswithNovella Mail|thomaschan@novellawealth.com

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