PINL:GRPOF - Post by User
Comment by
RogueGeekon Jan 24, 2018 3:19pm
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Post# 27426245
RE:RE:RE:RE:RE:RE:If you plan on holding - Read further
RE:RE:RE:RE:RE:RE:If you plan on holding - Read furtherLeafRider wrote: Hammertown87 wrote:
i don't think you can have 1 to 2 million in a tsfa account
You most certainly can turn your max contribution limit into millions within a TFSA! It's been done before. What you can't do is day-trade in your TFSA. If you are, and make millions, the government police are going to come knocking for their share of taxes. This is based on reported facts.
Your reported facts are not 100% arrcuate. Under the tax rules, if a TFSA carries on a business then it must pay income tax on its business income. What the CRA is TRYING to do is claim that anyone day trading from an account is a "business" but this is a load of hogwash and they have not successfully accomplished this to date. They are just pissed that so many people are making a lot of $ from MJ and Crypto they want a piece of it. A good tax attorney and CRA can't touch your TFSA.