Crius Energy Trust Tr Unit CRIUF

Off topic TFSA question

[predawn]

1) anyone know if over contributing by a lousy 86$ is worth worrying about 

2) anyone know of a way of cicumventing the 30 day rule when selling a stock at a loss and buying back less than 30 days for use in a TFSA

[Sadie222]

Penalty for overcontributing is 1% per month of the overcontributed amount. That would probably be backdated from next March, when they find out. Do worry about 9 cents a month? I assume you know your contribution limit. CRA has a site where you can find it as of Jan 1, then you can reduce it from there by whatever you’ve put in this year. A 30 day limit may be broker-specific. I don’t think CRA

[Sadie222]

OOPS that’s 86 cents/month.

[predawn]

I know its 1%  the 1% will only be for 4 months as new year starts jan 01 just curious if they get on your case right away or is just deal one needs to clear up when time permits  the 30 day deal is most certainly not broker specific ;;its a very very strict CRA rule/tax law geez man why answer when u have no idea what your talking about ??

[predawn]

what i was asking was if anyone out there had ever figured out a way of circumventing the 30 day rule?]]]]]]]]]]]]]]]]]]]]]]]]]]]]

[Sadie222]

I did say “may be” and “I don’t THINK CRA cares.” They won’t get on your case unless they know about it, and institutions have until March of the following year to report transactions.  I ASSUME that is for the full year.

[predawn]

OK so explain exactly what were you trying to say quote: A 30 day limit may be broker-specific. I don’t think CRA cares.  

[Sadie222]

I’ve never heard of a 30 day limit, and can’t find it on the CRA site. They frown on frequent trading and can consider it a business activity and subject to tax as such, but no mention of a 30 day limit that I’ve found.

[predawn]

LOL Ok I see whats going on you never understood my very first question on this  deal;;;the 30 day deal is very well known if you know about stocks and trading ;;;IF you sell a stock and rebuy it in less than 30 days you lose the capitol lose if such exists ;;I simply asked if anyone knew of a trick to circumvent this sitation when selling in IA and rebuying in TFSA so U still get the lose in

[novascotian2014]

If you Transfer stock out of a Non R account over to a TSFA , and you do it because the stock when down so your ACB is DOWN, the LOSS IS GONE , NO GOOD to YOU..BUT BUT if you Transfer the Stock and its More than your ACB , you will have a Capital Gains to Look at..when transferring Stock to a TFSA the Gov't Wins on Gains and you Get NOTHING Tax wise if the Stock is a LOSS , Capital Gains Wise.

[novascotian2014]

THE 30 Day Rule Does Not Matter, as Everything in a TFSA is Tax Free , your Gains or LOSSES Only Matter too you in TFSA.. even if you Wait 30 days and buy back the stock.. you STILL CANNOT use the LOSS on Down ACB of a Stock in TFSA..

[Sadie222]

Apparently unless the CRA decides you are trading too much in there. I wonder how that works. CG tax on gains while the money’s in there, possibly business tax, as well as income tax on everything you take out? Hang onto your Gramma and first-born!!!

[predawn]

I was asking if anyone knew of a way to circumvent the 30 day rule ;;;not concerned about a TFSA;;; 30 day rule has ZERO to do with TFSA UNLESS you sell at a loss in a IA account and want to put the stock in a TFSA and use the IA loss by law u have to wait 30 days  to be able to use the loss in a non registered  IA ;;;

[Sadie222]

Interesting question. Transferring a stock into a TFSA, it’s registered as a sale, but what is the transferred stock classified as, and would that factor into the loss status outside the TFSA? CRA is getting a record of it going in, but the taxation liabilities are different so the 30-day rule may not be relevant. Might be a question your broker can answer, I sure can’t. I’ll be reporting the

[Sadie222]

Good to know. The loss is gone, or only if you actually rebuy within 30 days?

[predawn]

there is no loss ever applicable in a TFSA because there is no taxable gain

[Sadie222]

But in this scenario the loss is OUTSIDE the TFSA.

[predawn]

the loss is outside  but disallowed  if u buy back inside 30 days in the TFSA or the IA account  my question(3rd time)  was if any one knew if there is a  was  of getting around the 30 days rule]]]]]]]]]]]]]]]]]]]]]

[Tad]

This post has been removed in accordance with Community Policy

[predawn]

yes not what i asked I know all that stuff thanks anyhow;;;;;;

[Sadie222]

AHA!! wuddever a IA account is.... Haven’t had to worry about capital gains much, and don’t trade enough to worry about it either. Yet. I buy to hold (where possible, generally). Now that ENF is out of the sewer I’m glad I kept most.