Post by
Moneycat on Jan 27, 2021 6:53am
Quick question
So I just learnt that if you trade quite a bit in your TFSA CRA may consider it as taxable income. Apparently the TFSA is suppose to be for longer term holdings. So people flipping in and out of stocks in their TFSA may run in to issues. Has anyone had an issue like this happen to them ??
Comment by
2020oilgamble on Jan 27, 2021 6:58am
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Comment by
Moneycat on Jan 27, 2021 7:00am
Thank you. There goes that idea .
Comment by
2020oilgamble on Jan 27, 2021 7:11am
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Comment by
flybyyou on Jan 27, 2021 10:12am
This is also what my financial adviser told me. The CRA is looking for day trading and if the number of shares drastically influences the share price. Minipulation of share price.
Comment by
eldub84 on Jan 27, 2021 12:44pm
This exactly. They only start taxing capital gains if its proven you are using your TFSA as a job or your income. If you're making random trades here and there or as you said somewhere in the 60-100 tradews a year I can't see how that would be an issue at all.
Comment by
gizmo66 on Jan 27, 2021 2:48pm
All well and good but I heard of someone that was accused of using it as a bussiness and it cost him more on legal fees than it would have to pay the taxes so everyone just use common sense and be carefull the government has unlimited resources when it comes to Lawyers