Comment by
MrBigger on Apr 07, 2015 1:49pm
Certainly setting up the wealthy nicely in this country. It will bite govt. finances big time down the road as they work hard to buy votes.
Comment by
mill44 on Apr 07, 2015 1:56pm
Daytrader's dream. Imagine if you can get enough capital in your TFSA, then trade out of that full time. No income, claim all the government benefits, what else do you need?
Comment by
Trekewl on Apr 07, 2015 2:45pm
Won't happen. You'd be treated as a pro trader and taxed as one. CRA is already watching TFSA's closely and catching guys trading as pros.
Comment by
mill44 on Apr 07, 2015 2:59pm
Talked to them personally a year ago. They said that it does not matter how you use that account, there is no tax on any gain. I am not saying that it might not change in the future but for now, you definitely won't pay taxes even if you trade 10 times a day.
Comment by
Trekewl on Apr 07, 2015 3:08pm
I'd say you got some bad info business.financialpost.com/personal-finance/tfsa/canadians-with-too-many-wins-in-their-tfsa-being-targetted-by-cra?__lsa=54b9-da89
Comment by
Fivecarat on Apr 07, 2015 3:21pm
Reading the article, there does seem to be some uncertainty surrounding this...looks like the CRA are trying to close or define a loophole in their minds.
Comment by
mill44 on Apr 07, 2015 3:27pm
Like I said, it is at leas a year old info. At that time they did not know what would happen. They said that all accounts would be treated equally. I think that their explanation was that the contribution is small enough so you could gain too big an advantage. Maybe now that they are doubling it they reconsidered. It sure seems so.