5 TFSA Mistakes to Avoid (And How to Fix Them)

TFSA (Tax Free Savings Account) - find out about the most common mistakes Canadians are making with their TFSAs and how to to correct them.

1) Not having exposure to growth in your TFSA

2) Not using spouses contribution room

3) Incorrect beneficiary designation

4) TFSA withdrawals impact on contribution room

5) No retirement planning, no estate plan

TFSA should be part of an overall financial plan, especially when planning for retirement, it could be used to accumulated tax free retirement capital to reduce over tax. And also should be used as a part of an estate plan. Unfortunately most Canadians are still using the TFSA as a savings account, and are still not aware of how much positive impact a correctly used TFSA could have on their net worth and retirement plan.

If you have any further questions about this video or any financial planning questions, I recommend finding a certified financial planner in your area or booking a discovery call with us to get your plan on track. You can email  msvoboda@harbourfrontwealth.com  or call (236) 521-5708 (Vancouver, BC) and we will schedule a discovery call / meeting with you.

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