RE:RE:RE:RE:RE:RE:RE:TFSA + PYRAll good Cdnbacon. Yes if daytrading, will cause problems. But I personally don't day trade, just invest and hold. Good discussion to have so people understand the risks of going "out of bounds" with the TFSA.
Is it monday yet?...lol
CndnBacon wrote: My appologies 96KLITE, I posted before reading through newer posts
CndnBacon wrote: 96KITE, you are not following along, you can grow it to $1B and NOT get TAXED, provided you didn't Day Trade your way there....it is NOT a Trading Account, it's an Investment Account....feel free to day trade in it, and you'll find out what happens after CRA calls you about your TFSA activity
96KLITE wrote: Yes, if you OVER CONTRIBUTE. If you have not put in more than the allowable $69,500 todate.
Once inside your TFSA if it grows to $500,000, you are NOT Taxed.
CndnBacon wrote: Your Brokerage is required to send the CRA your TFSA statements, and as such, if your account has grown to a value far exceeding the maximum contribution limit, you can be rest assured they are reviewing it to determine the nature of the increase for taxation purposes
96KLITE wrote: I'll have to disagree with you there Canadian bacon. Contribution only refers to the maximum that you can contribute to your tfsa so if you've never contributed to a tfsa in your life the maximum that you could contribute would be $69,500 to date. Now if your investment grows to 250k you are NOT going to be on CRA's watchlist. =CndnBacon]Buying and selling is part of an Investors strategy, and is acceptable within a TFSA, however Buying and Selling mutliple times,over a course of a week, especially the same stock, and makimg frequent withdrawls of Capital will DEFINITELY find yourself on the Capital Gains list from the CRA....in fact, somebody had mentioned anybody with a TFSA Balance of $250k+ is already on a watch list as it is 4x the Contribution limit.....
vers1demainvert wrote: If you want to maximize your wealth without paying capital gains a tfsa is the way to go. Be warned this is not for day traders for they will have to deal with the taxman. Only for longs.
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