TFSA penalty Do most ppl know what the penalty is for over contributing to your TFSA? I do.
lets say you put in an extras 100k November 1st (last month), and you put it all into this sector, even here... now, you bought 350000 shares of namaste, sold them today for a profit of 300000. Now you leave the 300k in your TFSA, but pull out the 100k you over contributed.... leaving yourself 300 to the good inside the TFSA.
your penalty - $200.00
thats right 1% er month of the principal amount you've over contributed. Cra does not go after money made, they have no way to track it, they go after the 1% per month on the principal you over contributed.....
the biggest loop whole the govt ever created!!! God bless Stevie Harper....
now, just think about the wealthy who over contributed several hundred thousand 18 months ago and bought Canopy....filthy rich, tax free (minus 1% lolhahaha)