RE: RE: RE: RE: Here's a little insite on TFSAIf and when you transfer from an investment account into your TFSA,
At that point it is considered a sale.
If, the equity(ies) being transfered have a loss at point of sale, the loss is calculated at that time.
If, the equity(ies) being transfered have a gain at point of sale, the gain is calculated at that time.
Once the investment is in your TFSA, any gain or loss is not used as a capital gain or loss for income tax purposes.
main issues:
If you lose money from an investment in the TFSA, it cannot be reported as a capital loss. (As there is no capital gain to report on growth)
There is no tax teduction (as in a RRSP) for any contibution.
" BOTH CAPITAL GAIN AND CAPITAL LOSS ARE CALCULATED AT POINT OF SALE WHICH TAKES PLACE AT TIME OF TRANSFER.
ONCE INVESTMENTS ARE IN THE TFSA THER IS NO LONGER ANY CAPITAL GAIN OR LOSS