@wealthxlab: More costly mistakes to avoid with your TFSA ⬇️ ⭐️ 4. Over-contributing🚫: if you accidentally contribute more than your allowable limit.. you could be penalized with a tax of 1% per month on the excess amount until it is withdrawn ⭐️ 5. Withdrawls and deposits between institutions 🏦 : as mentioned you can have many TFSAs with multiple instituions but if you withdrawl money from one to put into another this counts as a contribution. Yes - the withdrawl increases your TFSA room but not until the following year. If you need to move money between accounts ask for a direct transfer. 📈 ⭐️ 6. Day trading in a TFSA: High frequency day trading can draw the attention of the CRA and your account could get audited. It’s perfectly fine to build your own portfolio in a self-directed TFSA but agressive trading could be seen as “running a business” and all gains could end up being taxed. 📉 #personalfinance #moneytok #personalfinancecanada #investingforbeginners #investingtips #investing101 #etfs #investingincanada #TFSA

Vanessa | Personal Finance
Vanessa | Personal Finance
Open In TikTok:
Region: CA
Sunday 27 August 2023 18:20:20 GMT
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richard_zon
Richard Alvarez :
I’m careful with new companies such as wealth simple, their assets under manag are small compared to other big companies.
2023-08-29 18:52:25
11
imbillskarsgard
hi :
Ummm why not our bank? Can someone explain please?
2023-09-12 21:23:09
4
eloraandcreation
Raima :
but TFSA has limit as well.
2024-08-21 23:29:26
0
ruthibbotsonbrown
Ruth Ibbotson :
so, I only know about my TFSA with my bank, but I just.staryed with Wealth Simple...so I can open a TFSA with Wealth Simple too??
2024-03-05 03:31:33
3
zuli2706
Zuli :
Quick question Vanessa, I already have a TFSA account on wealthsimple, how can I start growing my TFSA portfolio?do I just keep on buying ETF's
2024-02-19 18:36:25
2
absolute.mixed.wrestling
AbsoluteMixedWrestling.com :
There’s no reason to have three, though.
2023-08-29 11:56:18
3
abs1057
Abs✨🌲 :
What is a HSTFSA ???
2024-05-03 04:19:58
0
sibalized
sibalized :
With wealthsimple and questrade isn’t the downside that there are fees?
2023-08-27 18:36:27
3
mattjg514
Matt J G :
3 self directed accounts. Reducing total investment value w/ea broker. Y? Company stock plan, advisor assisted ok buy 3 self directed???
2023-08-29 02:18:25
5
jonathan.lipson
jonathan.lipson :
Do you have different accounts to buy different investments? Why not open one account to buy all that you want?
2023-08-29 06:55:38
5
fgg2022wgaf
TCOB..HDL :
Wood Gundy
2023-08-29 10:37:14
3
sarahalexa.n
sarahalexa.n :
What do you like about CIBC investors Edge??
2023-08-27 22:16:09
3
sampson5104
Sampson05 :
Whaaaat
2023-08-29 12:53:12
4
shooter9764
shooter9764 :
Oh my - this is more basic than 101
2023-10-26 03:21:31
3
fintrackpro
Financial Tracking Pro :
You’re making a mistake by paying higher fees in any account as it is. Of the three you listed. WS is the only correct answer
2023-09-07 00:50:43
1
nicasrmnt
nica 🇵🇭🇨🇦 :
Haven’t checked Quest Trade yet but I have Wealthsimple 😍
2023-09-02 05:20:37
2
galiaamazing
galiaamazing :
thanks a lot for sharing TFSA information. now I know not to open with bank account. you save me
2024-02-29 11:31:48
0
brunaasimoes0681
BrunaaSimões :
So guys, I met this trader on TikTok and since I joined him I've profited from every trade I've done at his platform @Evelyn
2024-08-15 22:44:30
0
punslife
punslife :
RBC is the best for the tfsa. Insaneeee returns
2024-01-15 01:55:27
2
luciasultano
Lucia Sultano :
Why would anyone open multiple accounts? More to keep track of. I’m a Financial Advisor and I would not advise that. Simplify
2023-10-25 01:46:03
1
slawomirczarcinsk
Slawomir Czarcinski :
The biggest mistake was reducing amount you can contribute per year by Liberals
2023-08-30 16:44:48
4
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