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Story continues below advertisement. Leave a comment Comments. Sponsored content. Flyers More weekly flyers. Report an Error. Some common ways people invest their money is through a big bank, through a private investment firm or through an online investment platform such as Wealthsimple or Questrade. When you give your money to one of these big institutions, you are asking them to generate a return on your investment and this service costs money — fees. Oftentimes, but not always, the more money you give a company to invest your money, the lower your fees will be.
Wealthsimple charges you. Over the course of many years, a. By opening up multiple TFSA accounts with different investment institutions, you are not maxing out your contributions with each account, and therefore you may not be taking advantage of the lower fees that are associated with higher account balances. While having multiple cars, shoes or TVs might make sense for you, and is easy to manage, managing more than one TFSA account may just confuse things.
We all have a certain amount of mental energy each day, so stick with one TFSA account and avoid spending extra brain power on things like looking at different return statements and analyzing different fees structures. Noel Moffatt is a former collegiate and semi professional basketball player who now works in Saas based sales.
When Noel's not at work or writing in his Financial Geek blog, you can find him at the hockey rink, a golf course or a Crossfit class. You can, however, provide another person with money so they can contribute to their own TFSA. Can I use that to reduce my taxes? In many cases, investors can sell assets that decrease in value capital loss to lower the capital gains of other investments and, in turn, minimize capital gains tax.
The opposite is true in a non-registered account, where your capital loss can be applied to help offset your capital gains. Note also that in a TFSA, a capital loss is not considered a withdrawal, so it is not part of your contribution room calculation.
If you name your spouse as the beneficiary without the successor holder designation — or if you name any other person or the estate as the beneficiary — the TFSA earnings from your date of death to when the estate is settled could be taxable. The above information should not be construed as offering specific financial, investment, foreign or domestic taxation, legal, accounting or similar professional advice nor is it intended to replace the advice of independent tax, accounting or legal professionals.
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