TFSA, Explained - Everything You Need To Know About The Tax Free Savings Account For Beginners

The tax free savings account (TFSA) is a registered investment account (that's right, not a savings account) in Canada that let's you invest money and have tax tree gains - and because of that awesome benefit, there's a limit on the amount you can contribute every year. There's a lot to know about the TFSA, and once you do you'll see why it's a great investment account to start out with and take advantage of. By the end of this video, you'll be all set to invest - tax free! 0:00 What is a TFSA? 2:33 Benefits of the TFSA 3:45 The TFSA is an investment account 5:08 How to open a TFSA 6:08 What is the contribution limit? 8:03 Here's an example 8:38 Withdrawing from your TFSA 9:31 Can you lose contribution room? 11:58 Can you have multiple TFSAs? 12:58 How CDIC protects your deposits Check out the CDIC website for more information about deposit protection and TFSAs - https://www.cdic.ca/ 💰 Sign up for Simple Investing (For Canadians) here - https://stephandden.com/investment-co... Simple Investing (For Canadians) is a self-paced course that focuses on self-directed, passive, long-term investing in the stock market. There are six different levels, dozens of mini lessons, and test your knowledge quizzes throughout. You’ll also receive multiple downloadable resources - and a personalized investing game plan - that will help you take action on what you’re learning! Oh, and you’ll also be invited to join a private community of investors just like you who you can ask questions to, and discuss different money topics with - and you’ll have continuous support from us within the private community, too! The course is available for purchase now! ➡️ Simplii Financial - Our No Fee Checking Account (up to $400 bonus) - https://api.fintelconnect.com/t/l/65a... ➡️ EQ Bank - Our High Interest Savings Account - https://click.linksynergy.com/fs-bin/... ➡️ Wealthsimple - Our High Interest Savings Account ($25 bonus) - https://wealthsimple.com/invite/WQJFTG ➡️ Wealthsimple Self-Directed Investing - Our Favourite Stock Trading Platform ($25 bonus) - https://wealthsimple.com/invite/WQJFTG ➡️ Wealthsimple Managed Investing - Our Robo-Advisor Investment Platform ($25 bonus) - https://wealthsimple.com/invite/WQJFTG ➡️ Neo Financial - Our Cash Back Credit Card - https://join.neo.cc/stephandden ➡️ Questrade - Low Fee Investment Platform Canada ($50 in commission free trades) - https://questrade.sjv.io/AWa9jo ➡️ Borrowell - Free Credit Score Check - https://api.fintelconnect.com/t/l/612... The links above are affiliate and/or referral links that provide us compensation when you use them to sign up. Thank you for supporting our channel! Website - stephandden.com Instagram - @stephandden TikTok - @stephandden Camera - Sony A6400 - https://amzn.to/2vsmDqc Lens - Sigma 16mm - https://amzn.to/2vslvCV Microphones - https://amzn.to/2tSa3jQ Tripod - https://amzn.to/37EAibU Small Tripod - https://amzn.to/2S3dWul External Hard Drive - https://amzn.to/3mQzMlP Our Music - https://www.epidemicsound.com/referra... The links above are affiliate links - Steph & Den are Amazon Associates and we earn from qualifying purchases. Disclaimer - This content is for education and entertainment purposes only. Steph & Den do not provide tax or investment advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. All investing involves risk, including the possible loss of principal.