RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:Press Release coming Thursday......What he said is that registered are never taxed. Never means never. I showcased 2 exemples where the NEVER is smashed to pieces. Also, the issue came from someone who wants to purposely OVERCONTRIBUTE. If you cant connect the dots the CRA will and theyll take you for a ride. The difference between fraud and a honest mistake is intention. Knowingly going over the limit to make big gains shows intent.
HARJAY wrote: This argument is over two different situations on how " investors " use TFSA's. Bankable is refering to the acceptable way you use a TFSA , which is for investing . Childish is rerering to the misuse of TFSAs using them to day trading , sophisticated uses of "swaps "and other non normal investing techniques etc. If you bought a stock like shopify or some other co. that had huge success ovr time ie. a pharma co. that came out with a fantastic drug, a jr. gold co. that hit the motherlode etc. , i don't believe CRA would have a issue with that . BUT if you use your TFSA as a trading buisiness or use fancy methods that are out of the norm they do regard that as misuse of what the TFSA was intended for. The long term investment / savings vehicle is is suppose to be.
if you where both on the same pg. there shouldn't be any argument about this , my personal view is Childish chooses to highlight the misuse to justify his view but thats not what TFSA 's were meant for. and Bankable has got the rules correct..
If you use it right no tax is payable on gains made legitimely.