FormerXBC Inc XEBEQ

TFSA questions for the best BB.

[strangiato]

Hey can anyone confirm the following, as RBC wealth are not sure. One of my TSFA  that I have held for 5 yrs has exploded into the 7 figures thanks to you know who..xbc. Now my questions is could this outrageous rate of return be taxable in anyway...thanks in advance!

[iiioiii]

So long as you have not been actively trading within the TFSA and stayed under your contribution limit you should be fine. While assets under the TFSA are allowed to grow tax free, the CRA does have some latitude to demand thier pound of flesh if they ultimately deem you to be 'running a business' out of your account. Also expect greater scrutiny as your TFSA balloons since the taxman

[tamaracktop]

As for the chances of the CRA deeming a retail investor a pro? the same applies. I've known hundreds, or thousands, of investors over my years as a broker. I've never once heard of that happening. Statistically, the chances of an individual being audited in Canada are less than 1%, let alone being deemed a pro trader. The CRA spends the vast majority of their resources auditing businesses.

[tamaracktop]

No. Not a snowball's chance in hell they could (or would) ever touch it. Don't waste a second worrying about that. No way.

[Heynow27]

Nope tax free!!!

[whognu1]

this is 3 years old, yet they are in fact auditting ;high value; tfsa's from what i can garner it is those over $500k (2017 values) there are lots of games being played in tfsa's and there are lots with values in th emillions In recent years, the CRA has been looking closely at high-value TFSAs, in particular whether trading activity in these accounts amounts to carrying on a

[tamaracktop]

This is in regards to accounts making literally hundreds of trades a month.

[whognu1]

  absolutely plus many other very aggressive uses of options, seed capital, founders shares, leverage etc etc etc  For the most part this mandate is not applicable to punters like us

[tamaracktop]

You are 110% correct. They would never try to nail an individual just for making big dough in a TFSA. It would cause an uproar, and defeats the purpose in the first place.

[Francois33]

TAX FREE SAVING ACCOUNT.   TFSA 4-5-6-7-8 digits gains are not taxable. As mentionned IF you follow the rules...  6k / years (depending) & not trading like a machine... Congratulations for your gains, nice shot !!!!!! Thinking to buy a few myself for my old days... Francois33

[tamaracktop]

"Thinking to buy a few myself for my old days..." Contact me immediately. We'll chat for a bit. You'll change "a few" to "a lot".

[strangiato]

Many thanks too all for your great insite. I got a faster and better explaination from this BB. Iam so thankfull for the time you took to help. Cheers  and take care!