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Old 10-31-2010, 12:26 PM   #1
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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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Old 10-31-2010, 12:58 PM   #2
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Nope
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Old 10-31-2010, 01:59 PM   #3
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^ +1

you still have 300 contribution room.

Contribution is what you put in, not what you earned.
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Old 11-23-2010, 02:08 PM   #4
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^he meant to say you have 3000 contribution room.
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Old 01-07-2011, 02:24 PM   #5
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if you lose 4000, you cant claim it as capital loss.
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Old 01-07-2011, 02:38 PM   #6
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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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Old 01-07-2011, 02:46 PM   #7
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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 04:02 PM.
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Old 01-07-2011, 03:17 PM   #8
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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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Old 01-07-2011, 06:18 PM   #9
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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?
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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Old 01-07-2011, 06:44 PM   #10
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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?
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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Old 01-07-2011, 07:09 PM   #11
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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?
the tfsa rules don't state this
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Old 01-07-2011, 10:48 PM   #12
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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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