Meridian Mining UK Societas T.MNO

Tfsa! Question

[Grimey2]

What do you think the penalty is for moving your 6000 tax-free savings account ahead of time?
Does the penalty outweigh the reward?

[palfryville]

Grimey, Any contribution made to a TFSA beyond the maximum allowable amount is considered an over-contribution. The Canada Revenue Agency (CRA) will charge a penalty of 1% per month on the excess contribution until it is withdrawn

[TradesInc]

Thanks Palfry. So $60 Per Month or $660 Per Year on $6,000.

[killr]

For those that have faith or even a mild interest in the charts here's ....... MNO's chart today:Today's chart

[Silverado1]

Thanks Killr. A huge milestone for me is seeing the Dollar amount greater than Volume amount. Never thought we would get here. I like your prediction Trades $ 1.50 would do nicely. Things are coming together.  LETS GO GILBERT, ADRIAN AND MERIDIAN CREW

[killr]

Ok ,,,what I really like with the chart is the CMF....which is reversing very nicely ...the RSI is barely in over bought territory and is ready for a smokin' hot run.... just my  IMO! No are we going to fill the gap @ 1.07 -1.09....?...who knows....but we did not go back and fill .52 - .57 way back in Sept 7th..so I would think will further news it's a quick gap fill or higher and

[killr]

try again new chart oct 21

[TFSAfunds]

Grimey... DON'T DO IT!!! While palfryville's answer is correct, it is also NOT the whole story, or should I say, the whole penalty. CRA can also charge you a penalty of 100% of any income earned from the excess contribution, thereby negating any benefit from doing it... Do you have any kids, 18 years old or older, that haven't opened or topped up their TFSA's recently where you

[Grimey2]

Thank Palfryville, and TFSA probably won't do it just checking options   This is gonna be huge!!!

[palfryville]

YW Grimey and Trades, if you decide to explore this option you should def consult a tax lawyer because as we all know CRA gets to make up rules as they go when they find they don't like their old rules... there likely is precedent on the books about how gains are handled and what limits you could push...