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dradons said:
I think the problem is that the TFSA was setup way too generous. The government of the day sold it as a place to put low risk investment and the income wouldn't be taxed and can withdraw as you need. IE GIC, mutual funds, ETF etc.....However, in reality, it makes more sense to treat the TFSA as your casino and just put the risky stuff there and if it explodes you win.
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yeah and if you lose it all you can't claim it and i think there is far more people that lose it all rather than win. Cant sell your dogs on a good income year and offset it.
 
wildmanyeah said:
yeah and if you lose it all you can't claim it and i think there is far more people that lose it all rather than win. Cant sell your dogs on a good income year and offset it.
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I think we would need to see some stats on that. That would only be the case if you have maxed out RRSP and TFSA and you then investing in a taxable account.

Either way, they should have thought about or built-in some sort of cap. Or forced withdrawal if the account gets to some multiple of total contributions allowable.
 
i think that really lands into to the subject of people with large amounts of money should not be able to use tax shelters and a redistribution of wealth debate.
 
I bought 1000 shares of CLOV this morning just over 10$ using some of my Disney profits over the last year. I also picked up some more CCIV just to bring my average down.
 
Grabbed another 40,000 shares of Empower Clinics this am at the bottom of that brutal dip. Hopefully the seller made a tidy profit and is happy. Hopefully I can carry it a bit further.
 
Brian Reiber said:
I tried calling the CRA yesterday
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Be wary of the CRA advice. I've been dealing with an estate matter for about 18 months, have called the CRA 5 times about it. I've had 5 different answers from 5 different people, only one of which was in the ball park for the final solution. One was obviously so green that I was informing him of things he was incorrectly telling me were required. Your far likelier to get a better answer from a tax accountant.
 
wildmanyeah said:
i think that really lands into to the subject of people with large amounts of money should not be able to use tax shelters and a redistribution of wealth debate.
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I think about it differently than that (not to do with those with lots of wealth) it's more about ensuring fairness and no one gets a crazy advantageous tax treatment if they happen to be "lucky". We have limits on other tax-related items. For example, the lifetime capital gains exemption for small business shares is capped and indexed to inflation.
 
dradons said:
I think about it differently than that (not to do with those with lots of wealth) it's more about ensuring fairness and no one gets a crazy advantageous tax treatment if they happen to be "lucky". We have limits on other tax-related items. For example, the lifetime capital gains exemption for small business shares is capped and indexed to inflation.
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like also taxing lottery winnings in canada?
 
wildmanyeah said:
like also taxing lottery winnings in canada?
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If you want that sure. I don't think buying lotto tickets is investing. I am merely suggesting that there should be considerations on top-end limits on a TFSA size. At least with lotto winnings, you'd pay tax on investment income after you get your winnings. TFSA, not a dollar it is tax-free for life.

Anyway, back to stocks.
 
Brian Reiber said:
Thanks, I agree with your thoughts. I just wish it could be made clearer. I am making far more trades per month than I ever expected to and keep reading articles cautioning against this. Certainly not a day trader but as I said before just trying to scratch something out of all of this. Besides we need to replace that DE lol. Does the CRA care how expensive boats have gotten. Congrats on your success. I love hearing stories about people that have found a silver lining in this awful situation.
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I love how this thread circles back to the fact that all we're really looking to do here is upgrade our boats. I love boat people, gluttons for punishment.
 
dradons said:
If you want that sure. I don't think buying lotto tickets is investing. I am merely suggesting that there should be considerations on top-end limits on a TFSA size. At least with lotto winnings, you'd pay tax on investment income after you get your winnings. TFSA, not a dollar it is tax-free for life.

Anyway, back to stocks.
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The folks who created the TFSA vision, in my mind, set a low amount to contribute per year. What they didn't consider is that by carrying forward that amount, you could end up making a one time contribution with a lot of potential for torque. As for TFSA being tax free for life, personally I'm ok with that and rolling taxation on to a program that literally has "Tax Free" in its name seems like overreach to me. The winnings will surely be returned into the economy as we all get bigger and better Commanders.
 
Ok fine, as for stocks, and I've said this before, who stepped into VSBY? It is consolidating pretty damn nicely for the next leg up, do your DD etc...
 
"Anyway, back to stocks."

lol, I miss the old days when Nikka was across the street from the Drake, I was chartering at Sewell's back then and absolutely HAD to go to Nikka a lot, lol.

did anyone else get into VB versabank, low float, nice pop today on earnings, low float, this co. has a ton of potential, check it out.
 
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