@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 you could be penalized with a tax of 1% per month on the excess amount until it is withdrawn ⭐️ 5.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