RE:Longs Using TFSA
Freelancer7777 wrote: One thing the fool doesn’t realize the longs are trading through a TFSA. Shorting TFSA or trading through margins account is capital gains. So don’t forget to subtract the 40 percent capital gains from those big profit Fool!!
No. You cannot short sell in your TFSA. You also can't use margin in this account. No broker is going to let you do that, simply because if the stock goes belly up and you don't have any more contribution room, then what are you going to do?
You also are not given margin for penny stocks like Fire. I had to use only cash for every single Fire share I bought.
The CRA is not very clear on how they assess the profit of your trade; I guess they make the decision depending on how much tax they can collect from you. But here's what I did and they never questioned me about my tax filing: I elected to have my profit counted as capital gains. I sent in a form and signed it. Only 50% of the profit was taxable. People who are professional traders can elect to have the profit considered as income because they might have expenses they can deduct against.
What? He posted his position? I'll log out and see for myself. What made you think it's his? He might have copied it from someone. I have a copy of Aurum1983's account. I am going to post it as mine if I so choose.