TFSAs Explained: 10 Things Every Canadian Must Know (2025)

Video Description

➡️ Learn more about our services at https://www.parallelwealth.com/planning In this video, we'll go through 10 things that every Canadian should know about the Tax-Free Savings Account (TFSA) ••••• 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. Other helpful TFSA resources: ➡️ TFSA guide on Canada.ca: https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/rc4466/tax-free-savings-account-tfsa-guide-individuals.html ➡️ CRA My Account: https://www.canada.ca/en/revenue-agency/services/e-services/digital-services-individuals/account-individuals.html ➡️ TFSA contribution room calculator: https://www.getsmarteraboutmoney.ca/tool-embeds/tfsa-contribution-limit-calculator/ ➡️Fee For Service Retirement Planning: https://www.parallelwealth.com/planning ➡️Retirement Income Program™: https://www.parallelwealth.com/investments ➡️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/research/cpp 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. TIMESTAMPS 0:00 - Intro 0:16 - What is a TFSA? 1:04 - Tax-deductible? 1:41 - Annual contribution limit 2:58 - How to calculate contribution room 4:24 - Over-contribution tax 5:00 - Can you invest in TFSA? 6:23 - When can you withdraw? 7:51 - Moving abroad 8:31 - Emergency fund 9:52 - What happens if you pass away? ••••• 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.