How To Avoid Penalties & Taxes On Your TFSA

Описание: Our free retirement ready e-book: https://www.parallelwealth.com/youtub...
Brandon Beavis TFSA video:    • Understanding US Dividend Withholding Tax ...  

While in most cases a TFSA is indeed tax free, if you do not have a good understanding of the intricacies of the account, there are potential taxes & penalties that may arise.

If you avoid overcontributing and do not overtrade within your account, you will likely be fine in regards to penalties. However, when it comes to U.S. withholding tax on your TFSA, that shouldn't necessarily be something you avoid.

While you'll have 15% withheld from the U.S. government on dividends from U.S. companies, that will likely be a small percentage compared to the overall growth of your portfolio. Investing in U.S. stocks is good for diversification, so even if this 15% does scare you off, we suggest to have some investments in U.S. companies in your RRSP or other trading accounts.

•••••

If you have any questions about this video's topic or retirement planning in general, visit https://www.parallelwealth.com/ or use the links below to learn more about our services.

➡️Fee For Service Retirement Planning: https://www.parallelwealth.com/planning
➡️Retirement Income Program™: https://www.parallelwealth.com/invest...
➡️Parallel Wealth Masterclass: https://www.parallelwealth.com/education

Additional 3rd Party Links and Resources:
🔗️Retirement Income for Life: Getting More without Saving More (Second Edition): https://amzn.to/3tvIdVN
🔗️Free Credit Report with Borrowell: https://bit.ly/borrowellPWFG
🔗️CPP Calculator: https://research-tools.pwlcapital.com...

The above affiliate links are provided for your convenience. If you click on a link and end up purchasing a product or service, this channel may receive compensation for the referral. We have personally vetted each product and service we provide links to.

•••••

DISCLAIMER: This presentation is for informational purposes only and should not be considered financial, investment, tax, or estate planning advice. All investments carry risk, and past performance does not guarantee future results. Any forward-looking statements are based on assumptions and may not reflect actual outcomes.

The content on this channel is for educational purposes only and does not provide specific investment or planning recommendations. Viewers should consult a qualified professional for retirement, tax, or estate planning guidance. Parallel Wealth and Adam Bornn are not responsible for any decisions made based on this content.