RE:RE:RE:RE:RE:RE:Let’s make money Monday!!! Who wants to help take .40 down?!Yes, the TFSA is supposed to be an investment vehicle for retirement. If you are daytrading with high volumes (multiple flips per day/week) you can bet that your bank has turned that over to the CRA as part of their audits.
They may act on it, they may not.
These days with all the covid costs, I can bet Bill Morneau would nto be above tightening up the TFSA and auditing daytraders.
Just watch yourself.
Also, as a provate investory, your capital gains are only being taxed at 50% of the profit (if you make 10,000 you can expect to pay tax on 5,000) of it., but that is for a side-gig opportunistic trading. If you are daytrading high volumes, the CRA can assertain you to be 'professional' and make the entire thing taxable.
This article explains it:
Capital Gains Investors pay Canadian capital gains tax on 50% of the capital gain amount. This means that if you earn $1,000 in capital gains, and you are in the highest tax bracket in, say, Ontario (53.53%), you will pay $267.60 in Canadian capital gains tax on the $1,000 in gains
Every year people try this tactic...
Have investments in Margin, and then move it to TFSA or RRSP when its low. This registers the Captial Loss and a tax savings.
The CRA didn't care when oil was high and taxes were good. I expect that there may be changes in next budget - and BIG.
If flipping. Put some away becasue you may have a large tax bill and they will have zero mercy.