RE:RE:RE:RE:RE:RE:RE:RE:TFSA + PYRI would kindly disagree with you on this.
What is the difference between withdrawing $500 monthly, $6,000 yearly, or $500,000+ all at once when you are ready to retire?
I don't understand at all the idea that we have this account available to us for anything but to help us increase our retirement savings or have money there when we need it. Maybe it's my thick head getting in the way of it all. I just do not see the poiint of the TFSA at all if the government of the day decides that taking out the money from it that you built is somehow equivalent to a business.
Is it income? Certainly it is, but you already were taxed on the income you put in it, which is why it is considered tax-free after that point....Or at least it should be.
Cheers!
CndnBacon wrote: Are you day trading, making cake, and withdrawing funds every 2 weeks or monthly from those gains? If you are, then you are using it as income....I have made a number of withdrawls from my TFSA over the years without issue, and its clear to see if audited, its clearly not "income"
Aarman4 wrote: Heres what I don't understand....
If you are doing well in your TFSA, is it no tthe intent to take a paycheque from it eventually? Otherwise, what is the point? Does it not become an RRSP is they start taxing you on taking profit?
I totally undertsand the stance against high frequency day trading(I do disagree with it though), but what is the point of the TFSA if removing money from it when you need it is taxed?
Cheers!