Tax-free savings account
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Search complete. 302 mentions across 78 episodes found for "Tax-free savings account".
Sep 11, 2026
Tré BynoeHOST
Or a lot more people will not start the business or not do those type of things because they don't have access to the funds and aren't about to do so.
SierraHOST
So do you think people have almost a mental checklist of the accounts they used to invest in? I'm thinking they might start with the TFSA and go through the registered accounts.
SierraHOST
and max those out in a mental way.
SierraHOST
And then the last resort is the non-registered account sort of thing.
MarcusGUEST
Like, you're doing with the money that's in there that, like, makes sense for it.
MarcusGUEST
So, like, that's great, right? And, like, I have a TFSA here in Canada.
MarcusGUEST
There's some money in the TFSA, so I play with these things within a TFSA, which is a tax-free savings account, which is kind of similar to your 401k.
MarcusGUEST
Though there's no matching with, you know, company and all that sort of stuff, but...
MarcusGUEST
Yeah, it's just kind of where like I am with with a lot of this stuff is that you're always trusting somebody else and you're still not getting it in kind.
Mike HerouxHOST
Where do I sign? I'm signing right now, right? It's just, like, pure magic.
Mike HerouxHOST
And actually, I found it very interesting, and I'm not bashing here, uh, 'cause I commend and I have a high respect to anyone that shows transparency and pull out real case study in front of everyone because you expose yourself to critics, right? But, uh, Paul from Better Call Paul is actually conducting a real case study with his TFSA, where he invested $50,000 in covered call ETFs, and his intention is to withdraw 1,000 bucks a month, so 24,000 ...
Mike HerouxHOST
24% of his portfolio every year.
Mike HerouxHOST
He's been reporting this for probably a year and a half.
Nicole DuddingGUEST
She's from Avizo Wealth Management.
Nicole DuddingGUEST
She's going to share with you on how your retirement income and investment assets, such as RRSPs, TFSAs, and the proceeds from the sale of the assets of your home and farm can be used for your living expenses as you enter that next chapter in life.
Nicole DuddingGUEST
And we'll have Jeremy Wakefield here, a lawyer representing estate management, or pardon me, estate planning, and then of course me here representing Wellings of Lloydminster, where we believe your home and your lifestyle should be just as vibrant as you are.
Kurt PriceHOST
Where does it start, Nicole? Like where, where does it start? It starts with the downsizing, I think.
Tim NiblettGUEST
That's important at any age.
Tim NiblettGUEST
And, and man, w- with TFSAs now, we love talking about TFSAs, right?
Howard GlassmanHOST
Mm-hmm.
Howard GlassmanHOST
Mm-hmm.
7 MINS LATER
Howard GlassmanHOST
Mm-hmm.
Howard GlassmanHOST
[laughs]
Tim NiblettGUEST
But if you go, know a little bit, even get them excited about TFSAs when they're 15 or something, that's gonna pay dividends for decades for them.
Howard GlassmanHOST
Mm-hmm.
Moira RoseGUEST
They didn't know very much about it and their questions were always the same.
Moira RoseGUEST
And when you look at the different registered accounts that we have in Canada, how someone might use a TFSA from one person to the other, it could be very different.
Moira RoseGUEST
And so it's very difficult to sort of Yeah, absolutely.
Moira RoseGUEST
So that really spurred me into developing a course.
Moira RoseGUEST
Yeah, I think it's deeply, deeply unethical that we have allowed the RESP program to stagnate for 19 years.
Moira RoseGUEST
That's how long it's been since there's been real changes to the program, like substantial changes to the program.
Moira RoseGUEST
And when you look at TFSA contribution room each year, when you look at...
Moira RoseGUEST
RRSP contribution room each year.
Melanye GoodhueGUEST
And yes, you have a thing for that.
Melanye GoodhueGUEST
Remember that thing that every year you're like, do I really have to put my money towards this? Is it really worth it? Should I not just save that in my TFSA? Yeah, that's going to give you $58,000 in two weeks.
Melanye GoodhueGUEST
And she was like,
Rebecca ChaseHOST
Oh, really?
Melanye GoodhueGUEST
But I will say that, you know, again, just going back to that where you don't have to know everything, but you do have to know what, what is there is that ahead of time, the best thing that you can do is do like an inventory.
Melanye GoodhueGUEST
Yes.
Melanye GoodhueGUEST
Right? So I don't even care if it's pen to paper or Excel document, but just open that up, right? And start writing out and recording, okay, our home, what's the value? Okay, we have an RSP, what's the value? There's a TFSA, what's the value of a mortgage? What's the value? Like, what's the insurance? Like, get all of that together.
Melanye GoodhueGUEST
And this is,
HoomanGUEST
Obviously, there's some penalties in trying on early redemption, which is the first five years of hold, but it's not locked in, so folks could invest today and they could get out tomorrow.
HoomanGUEST
It also RSP and TFSA eligible, which kinda gives you additional capital that you have for people to invest in.
HoomanGUEST
It makes it very challenging for us because real estate inherently is an illiquid asset.
Daniel FochHOST
Yeah.
Chris BakerHOST
And that's important because virtually everything else we're discussing today depends entirely on that.
Chris BakerHOST
Think about the TFSA.
Chris BakerHOST
It's next.
Chris BakerHOST
You can generally keep your TFSA if you become a non-resident of Canada.
Chris BakerHOST
Canada continues to exempt the investment income and withdrawals from the Canadian taxes that would be applied to an otherwise non-TFSA.
Chris BakerHOST
Which is good, except there's another country involved now because you live technically somewhere else.
Chris BakerHOST
CRA itself warns that TFSA withdrawals may be taxable in your new country of residence.
Chris BakerHOST
Think about that and what that means.
Jerry ScottHOST
Now...
Robert CleggGUEST
Again, some consulting could be had because what a lot of Canadians do, especially younger ones, they'll rush right into incorporating businesses and opening up TFSAs, loading up on Canadian mutual funds, etc., etc., which aren't friendly for U.S. tax purposes.
Robert CleggGUEST
They can come with substantial consequences.
Robert CleggGUEST
In certain cases, but they always will be met with higher compliance costs, right? From a U.S.
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