RE:RE:Last monthWorst advice someone could give. It certainly shows where you are coming from, or rather where you are not coming from, which include financial advisor. Never play with CRA.
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Deliberate over-contribution -
A contribution that an individual makes to a TFSA that results in, or increases, an excess TFSA amount, unless it is reasonable to conclude that the individual neither knew nor ought to have known that the contribution could result in liability for a penalty or tax. Income that is reasonably attributable, directly or indirectly, to a deliberate over-contribution is an advantage subject to the special tax on advantages.»
https://www.cra-arc.gc.ca/tx/ndvdls/tpcs/tfsa-celi/glssry-eng.html#advantage There's certainly better fiscal strategies than trying to bypass the rules. Better pray for them to not look into your deliberate over-contribution.
thepbay wrote: LordMoney, if this is the type of "tax strategy" you are looking to do, I would suggest you talk to someone like myself. This will get audited by the CRA, and is some of the worst advice on SH. 29yr old wanna be. GL
pbay
LordMoney wrote: I purposefully overcontributed to my already bloated TFSA. I dumped that money on GEN
I have to pay one percent penalty for over-contribution, but doubling my money on GEN was tax free. I knew I was taking a risk, but the upside was too great to miss.
I already removed my overcontribution, but plan on doing this again next year, when GEN really starts shooting up.
(I still have all my shares in GEN)