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10-31-2010, 11:26 AM
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#1 | | I contribute to threads in the offtopic forum
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| Buying stocks with TFSA
Say my contribution limit is $10,000. I use $7,000 to buy XYZ stocks. Over the course of several months, I made an extra $4000, so now I have $11,000 in my account in that same year I deposited the 10,000. Is that considered over contribution?
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10-31-2010, 11:58 AM
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#2 | | Guest
Join Date: Oct 2010 Location: Vancouver
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Nope
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10-31-2010, 12:59 PM
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#3 | | Ubereem Mod
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^ +1
you still have 300 contribution room.
Contribution is what you put in, not what you earned.
__________________ Quote:
Originally Posted by Culture_Vulture  sometimes I like to use kindergarten art class scissors to cut my pubes | | |
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11-23-2010, 01:08 PM
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#4 | | I STILL don't get it
Join Date: Dec 2009 Location: van
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^he meant to say you have 3000 contribution room.
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01-07-2011, 01:24 PM
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#5 | | I keep RS good
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if you lose 4000, you cant claim it as capital loss.
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01-07-2011, 01:38 PM
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#6 | | My homepage has been set to RS
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what? The OP is saying
1 - He has a contribution limit of 10,000
2 - He deposits 10,000 in a TFSA
3 - He uses 7,000 to buy a stock ABC
4 - Stock ABC goes ZOOM ZOOM to a value of 11,000
5 - He asks, is he over the limit?
Answer: No, any capital appreciation earned in the account is not counted towards your yearly contributions.
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01-07-2011, 01:46 PM
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#7 | | Who's naughty? I___i
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Tax-deferred accounts will not impose capital gains, so you cant claim losses either. It's a 2-way deal.
TFSA's, RRSP's and their derivatives (RRIF, SRRSP, SRRIF, LIRA, LRRSP, RPP) can never claim tax loss or gains.
any earning generated in TFSA is tax-free and not considered as part of your contribution.
Last edited by Szeto; 01-07-2011 at 03:02 PM.
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01-07-2011, 02:17 PM
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#8 | | Rs has made me the man i am today!
Join Date: Apr 2004 Location: Vancouver
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but the CRA will ding you if you make too much money or if you're too active.
does anyone have any experience with this? or does anyone have friends at the CRA who can clarify?
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01-07-2011, 05:18 PM
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#9 | | 14 dolla balla aint got nothing on me!
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Originally Posted by waddy41 but the CRA will ding you if you make too much money or if you're too active.
does anyone have any experience with this? or does anyone have friends at the CRA who can clarify? | How do they ding you if you're making too much money?
That kinda defeats the purpose of having a 'tax fee' savings account isn't it?
Do they have similar rules on RRSP's too?
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01-07-2011, 05:44 PM
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#10 | | Revscene.net has a homepage?!
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Originally Posted by waddy41 but the CRA will ding you if you make too much money or if you're too active.
does anyone have any experience with this? or does anyone have friends at the CRA who can clarify? | never heard of that before, if anything the government should thank u for making money, so u will use that money to spend and spending equals growth in the economy
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01-07-2011, 06:09 PM
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#11 | | I don't get it
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Originally Posted by waddy41 but the CRA will ding you if you make too much money or if you're too active.
does anyone have any experience with this? or does anyone have friends at the CRA who can clarify? | the tfsa rules don't state this
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01-07-2011, 09:48 PM
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#12 | | Rs has made me the man i am today!
Join Date: Apr 2004 Location: Vancouver
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| http://www.hotstockmarket.com/forums...highlight=tfsa
The CRA can deem whatever they want..
obviously they won't let you live off your TFSA
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