Скачать или смотреть Avoid These 5 Costly TFSA Mistakes in Canada

If you live in Canada and invest, you likely have a Tax-Free Savings Account (TFSA).

But one question rarely gets asked until it’s too late: "Am I actually using this account correctly?"

For many Canadians, the TFSA is treated like a simple parking spot for cash. But the reality is, improper use can lead to missed growth, tax inefficiencies, and even penalties from the CRA.

The TFSA is one of the most powerful wealth-building tools available, yet it is also the most misunderstood.

In this video, Sim Gakhar - Top of the Table MDRT Advisor and Founder of SG Wealth Management - breaks down the five biggest mistakes investors make with their TFSAs and exactly how to fix them.

💡 What You’ll Learn in This Video:

✅ The critical difference between a Beneficiary and a Successor Holder (and why it matters for spouses)
✅ Why treating your TFSA like a "Savings Account" is costing you thousands in growth
✅ The math behind investing vs. paying off high-interest debt
✅ The "Same Year" re-contribution rule that gets people penalized by the CRA
✅ The simple December withdrawal strategy that maximizes your contribution room
✅ How to avoid the 1% per month over-contribution penalty

📊 Key Topics Covered Time Stamps:

00:10 - The Most Common TFSA Mistakes
00:19 - Mistake #1: Beneficiary vs. Successor Holder (The Spousal Trap)
01:44 - Mistake #2: Treating the TFSA like a Savings Account
02:37 - Mistake #3: Investing While Carrying High-Interest Debt
03:17 - Mistake #4: The "In-and-Out" Re-contribution Trap
04:19 - Mistake #5: Missing the Year-End Withdrawal Window
05:18 - Summary: How to Maximize Your Tax-Free Growth

🧩 Why This Video Matters:

The TFSA was marketed poorly when it launched in 2009, leading most people to believe it is just for savings.

Whether you have $5,000 or $100,000 in your account, correcting these mistakes can help you:

• Double your tax-free room upon the passing of a spouse
• Generate real compound growth (5-6%+) rather than tiny interest (1%)
• Avoid unnecessary CRA audit triggers and penalties
• Maintain liquidity without losing contribution room
• Ensure your wealth compounds purely tax-free for life

For Canadian investors, understanding these rules is the difference between a small rainy-day fund and a significant tax-free retirement asset.

🧠 This Video Is For Any Canadian with a TFSA (or planning to open one)
Married or Common-law couples planning their estate
Investors currently holding cash or GICs inside a TFSA
People planning large purchases (home reno, car) in the near future
Anyone confused by contribution limits and withdrawal rules
Canadians looking to minimize tax drag on their investment returns

💬 Want to Ensure Your Financial Plan is Tax-Efficient?

At SG Wealth Management, we help individuals and business owners integrate:

✔ Tax-efficient investment strategies
✔ Comprehensive estate planning
✔ Wealth transfer structures
✔ Corporate and personal tax modelling so your wealth grows and moves exactly the way you intend.


📅 Book a Free Consultation: https://sgwealth.ca/book-appointment
📧 Email: [email protected]
📱 Phone: +1 647-889-7290

📘 Featured Resource:
“Roots to Returns: Building, Growing, and Exiting a Business with South Asian Values” by Sim Gakhar
A strategic playbook for building generational wealth through business ownership.

🎥 Watch the Book Overview: https://sgwealth.ca/resources/book
👉 Order Now: https://a.co/d/1gzEHS1
🌐 Connect with SG Wealth Management: sgwealth.ca
💼 LinkedIn: Sim Gakhar
📸 Instagram: @sim.gakhar
📘 Facebook: Sim Gakhar Insurance


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