Cardinal Energy Ltd (Alberta) T.CJ

There are limits to trading in a tfsa

[JohnnyDoe]

Come on folks, there's been tons of material published on trading within a TFSA and when "investing" becomes a "business" 

Here's an article that explains it. But any simple google search will produce tons of reading material 

https://invested.mdm.ca/tfsa-stock-trading-rules/

[Quintessential1]

Great article JD! I especially liked this part: "However, you do need to pay income tax at your marginal rate on any amounts you withdraw from an RRSP or RRIF during retirement, so you’re still eventually paying taxes on your investment profits." gracias grinDR GLTA

[Luckyguy777]

Why are we so worried about providing tax advice on here?  Lets talk about the great dividend and all of the money I have made in TFSA, RRSP, Corporate account and personal account in the last 4 years.  It has been life changing.  Hope some of you are in the same boat.

[loopsbutterfly]

I do agree Luckyguy777 the main problem is that we have a trouble maker on board and he is acting like he was our personnal accountant. thats it that all and believe me he just want to get the last word all the time

[Quintessential1]

Thats right loops and just remember you started it and not just with me.  Next time maybe you'll shut your big mouth. gracias grinDR GLTA

[loopsbutterfly]

enjoy your little swing trade brother

[loopsbutterfly]

enjoy your swing trade at $6,28 brother

[Quintessential1]

Enjoying my 50% capital gain loops.  Enjoy your 100% income tax. : "However, you do need to pay income tax at your marginal rate on any amounts you withdraw from an RRSP or RRIF during retirement, so you’re still eventually paying taxes on your investment profits."  GLTA

[loopsbutterfly]

It is not your problem at all you are not my wife and you are not my accountant

[Quintessential1]

You got that right loops.  If I was your accountant or your broker I would have to fire both of us. Hey loops are you going to withdraw cash from your RRSP to top up your TFSA?  ROFL Thanks for paying my share of taxes loops. gracias grinDR GLTA

[VeritasVern]

What is the definition of "carrying on a busines" in a TFSA and how/when do they decide that? Right so if you pay capital gains in a TFSA - tell me, if one loses money can they then claim capital losses then?  Complete garbage and intrusion by CRA when someone makes money but ingnore the fact quite a few will likely lose money trading - including a TFSA. At any rate most on here

[NonCredibleSrc]

And you are right on the money VV. The problem CRA sees isn't as much a current one as much as it is future. Current contribution max for TFSAs for those who are old enough (sadly) is still under $100k. While there will be some that have done well with those base funds (if fully funded) the implications of 'tax free' earnings will have a definitive impact moving forward. Look forward

[Quintessential1]

They do try to define what "carrying on a business" is in the article.  As for timing of when they decide that I would think it would be when and if you start withdrawing funds as I am not sure how they would get any kind of clue that anything is going on until then.  You do not recieve any kind of T5 for TFSAs and I doubt that even the CRA has the manpower to monitor every

[loopsbutterfly]

withdrawing fund of tfsa you are a trouble maker definitevely not me enjoy your swing trade at $6,28 for couple pennies

[Quintessential1]

I'm the trouble maker loops?  So this wasn't you who posted this? (209) ••• Comment by loopsbutterflyon Jan 07, 2024 9:39pm 150 Views    Post# 35814982 RE:RE:RE:More TFSA money The point is about the 50% rule for capital gain or loss.... if Revenue Canada find you trade too much in your

[NonCredibleSrc]

Quint - I generally follow your posts and tend to agree with a lot of your views, and I understand that he's gotten under your skin, but gotta give it up! Ya got better things to do!

[Luckyguy777]

This is the best post in a long time.  I don't want to read about it anymore.  I am a tax professional and I don't care about the banter of individual tax situations.  

[JayBanks]

Haha, I stopped reading all the posts a couple weeks ago... I'm all for Q doin what he's doing, Loops doesn't understand the nice ways multiple people have indicated to 'STFU!' despite the multiple attempts that have been made. Eventually, one of them will burn out, preferably the annoying insect that brings no value to the world or this board. True to the creature which

[loopsbutterfly]

my answer January 7 was for lashing (last comment) not for you I simply dont care about you  enjoy your swing trade at $6,28 for couple pennies

[Quintessential1]

Yeah loops you were making trouble with someone else. Trying to belittle the way they are making money with the stock on the board like your way is the best and only way. Newsflash loops.  Your way sucks.  I'm just pointing it out.  Just telling the truth loops ....sorry....not. You obviously care loops you keep commenting.  My swings make more net profit than your RRSP

[caretired1]

All those dividends your TFSA gets are reported by the paying co to CRA.  If they want, they can easily reverse engineer what your TFSA value might be and ask for info from you and your trading broker.  All the info is easily available electronically.  My guess would be TFSA's of over $250k would potentially attract attention, imo

[JohnnyDoe]

There is a lot written on this subject Vern. Google the subject and start reading. What you said earlier that all gains in a TFSA are not taxed is simply not accurate. The context of the discussion was around day trades too....and that is specifically what the CRA has issues with