TSXV:CLAS.H - Post by User
Post by
Dude51on Apr 20, 2021 12:01am
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Post# 33027175
Here is more info on TFSA's just in case were not all expert
Here is more info on TFSA's just in case were not all experts.
You have to be 18. The max contribution for 2021 is 6000. If you have never contributed its a whopping 75,500. Beauty of TFSA you do not pay tax on any thing that you pull out. However if you treat it as a business and trade an excessive amount each month, there going to audit you. So use it for a long term thing and if you bounce to where you like before longterm sell. Selling now is one thing. You can invest in some other stock or you can pull it out. If you pull say all that money out you can not put all that money back in to your TFSA plus and extra 6000 till the next year. So think of it as an investment not a quick rich scheme and while your investment grows you can breath freely knowing I don't have to pay tax on that, awesome.
Now I know this is a long shot but if your investment does not appreciate you can still use it as a tax loss against any security gain in or out of TFSA, its just a security to the GOV. If you say make a lot in your TFSA come tax time auditor just records your contributions for that year and does not care about gaines or losses you encured over the year.
GLTA