RE:RE:RE:Itrade TFSA?Good article - thanks NSX. I had only heard about the professional stock trader being reviewed and went to court as a landmark case. It sets the stage for future cases/assessments. From my experience frequent traders are probably easy pickings for CRA assessment if they so chose to pursuit the matter. From the article, it appears that they are now going after some people for profits derived from excess trading in their TFSA's. I doubt anyone making big profits on only a few stock purchases over several years will be taxed as income. I also doubt there is a specific threshold like $100,000 as some folks have maybe only contributed 10K or 20K and are day trading to less than 100K total and perhaps taking money out as they make regular profits. CRA is obligated to go after every unpaid tax dollar they become aware of in the course of audit, subject to very minimal limitations. Fyi, I do have extensive professional tax experience, however, not at the personal level.
NSXFund wrote: Aug 2018 - money sense article CRA/TFSA Good luck all
NSX
adamchess wrote: You might want to keep in mind the name of the account is Tax Free Savings Account - NOT Tax Free Trading Account. Having said that, not sure if CRA has ever gone after excessive trading activity in a TFSA. Anybody knows?