Theralase Technologies Inc. V.TLT

New Capital Gains tax rules effective 2024 CRA

[james700]

This appeared in the financial post. Looks like we are going to be paying for the pandemic spending spree.

https://financialpost.com/personal-finance/taxes/alternative-minimum-tax-system-changes-affect-canadians/wcm/a3626eec-19bc-4654-a082-8f482eee3ccf/amp/

[CAinPlap]

We can only hope this will affect us as it will mean we have significant capital gains. :)

[99942Apophis]

CAinPlap you should've put most of your stocks by now into a TFSA , by doing so it doesn't matter how much your holdings appreciate in value you won't have to pay any tax. I think if the CRA tries to change TFSA rules it can only apply to the year 2024 and after so previous contributions prior wouldn't qualify to a tax,  I am not legally qualified this is only in my opinion

[CAinPlap]

I have as much as my TFSA will allow and have maxed out kids TFSA's as well. :) I am reasonably confident the proposed changes to the AMT will not be affected by capital gains realized in TFSA's or RRSP's. Only will affect non-registered accounts and properties.

[james700]

Currently if you are day trading, you will NOT be protected by the TFSA umbrella... Can you day trade through your TFSA? While you can buy, sell, and hold stocks within a TFSA, day trading or overly frequent trading through a TFSA may be considered a business activity by the CRA and flagged for audit. RRSPs simply defer your tax obligations and you pay tax on any gains as if it were income

[thadeush]

There are no rules for the TFSA, only frustratingly fluid interpretations by the CRA. They refuse to define how many trades are allowed in a TFSA so they can spin it however they want. They just 'decide' that you are not using it as 'intended' without clarifying. Best strategy looks like limiting your trades as much as possible based on the fallacy that it's best to just leave