TFSA MAXIMIZER AND THE RULE OF 72. How to make $53,000 in passive TAX FREE income in 6 years time.
Channel: Darren Voros
Date: 2020-06-23

DISCLAIMER:
WITH ANY AND ALL INVESTING YOU SHOULD ALWAYS OBTAIN INDEPENDENT LEGAL, TAXATION AND FINANCIAL ADVICE FROM A LICENSED PROFESSIONAL BEFORE INVESTING ANY OF YOUR OWN MONEY.

Canadian real estate investor Darren Voros walks through a step-by-step guide on how to use your TFSA (Tax Free Savings Account) to invest in real estate to potentially earn a 20% annualized return. If used correctly, this strategy allows you to double your return in 3 years inside of a tax free environment.

Using the maximum allowable contribution amount of $69,500 for an individual in 2020 inside of your TFSA, the possibility exists to grow those funds to over $256,000 in 6 years. If your TFSA account was earning 20% interest on that same $256,000 you could be earning $53,000 in tax free income which is the equivalent of earning approximately $89,000 per year pre tax in Canada.

To find out your TFSA contribution limit, you can use this TFSA calculator.
https://www.moneysense.ca/save/investing/tfsa-contribution-room-calculator/

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Darren Voros

Darren’s diverse skillset has taken him to many stages around the world. He has been featured as an on-air renovation expert on “The Goods” (CBC) and “CityLine” (CityTV). Darren was also the behind the scenes contractor on “Save My Reno” (HGTV) and “Game of Homes (W Network).
Darren is an accomplished real estate investor, trainer and coach. He controls a portfolio of properties worth just over $10,000,000 and has travelled across North America educating, inspiring and motivating audiences on the subject of real estate investing, financial independence and financial literacy. Darren’s willingness to give back prompted him to launch his YouTube channel in 2020 in order to have a wider reach in educating investors.