LAKE SHORE GOLD CORP 6.25 PCT DEBS T.LSG.DB

Tax free savings account

[IMgolden]

This year the limit is $5500 once again.  Something smart for people to do is transfer stock from your regular trading account into your TFSA.  I just did this free of charge.  It's good to do this while the stock is low because then you can transfer in more stock.  This will be more money in your pocket if this thing takes off like we all hope and think it will.

[madeinhemlo]

Yes, but beware if you do it the other way.  The contribution-in-kind rules still apply but there are restrictions when you transfer in the money.  I (and many others) got caught on rule this several year ago.  I was lucky, it only it cost me about $75 to fix the tax problem with RC.

[IMgolden]

You do have to be careful.  I set up a TFSA with Itrade where I already do my trading.  This made it very easy.  They didn't sell any stock but just transfered it into the TFSA from my other account.  All they had to do was take out $5500.  They calculated it at 60 cents a share which was the price when I called them.  They took out that much sttock and just

[finnboy]

IMGolden, I did the same on Jan. 2 and was able to move 11000 shares over plus $165.00 to round off my contribution for this year. I will still have a bit of catching up to do as my last 2 years are sadly under water. (Getting closer though.) Glta

[HARJAY]

Just to clarify transfers in kind  into a TFSA from a non registerd acct. The amt. you transfer is subject to the normal capital gains based on the cost of the equity you originally purchased up to the date you transfer. In other words if you had bought LSG back in the summer at say $0.30 and then decided to transfer $5500 worth into your TFSA at the beginning of Jan 2014 when say LSG was $ 0

[Lemboy]

In addition one can not claim a capital loss if transferred in kind to TFSA.  In order to claim capital loss one needs to sell in cash account wait for 30 days and than buy in TFSA to avoid superficial capital tax loss.