RE:OversoldWell then I best get ready for incarceration...LOL.
First of all it's not 'Illegal', what you're referring to is called the 'Superfiical Loss' rule, a rule that Canada Revenue Agency (CRA) has in place mainly to avoid people from triggerring a Capital Loss for tax purposes and then rebuying the same stock or even a similar stock within 30 days. .i.e: Selling CPX at a capital loss and then buying back BLX within 30 days.
The rule only applies if you are selling at a loss and since I sold at a gain I guess no jail time for me...Lol.
Because Day Trader's profits are taxed as 'Income' and not 'Capital Gains' they pay tax on 100% of their profits while those that don't trade enough to be classified by CRA as 'Day Traders' (that would be me) pay Capital Gains tax on their gains.
If you're not aware of the tax rules, you might want to educate yourself.
Here's a link:
Superficial loss - Canada.ca HB77