cracked_ribs
Well-Known Member
"You outsiders have no business engaging in insider trading!"
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- Thread starter Rain City
- Start date
tubber
Well-Known Member
My trips to Vegas craps tables have taught me that I could easily be an addict, so I have avoided getting into any self trading. Despite the high fees, our steady deposits into our Investor's Group (now IGWM) funds accounts have grown nicely. Combined with our pensions and no mortgage, we are in good shape.
My question is, if a guy was to dip a toe in, what is the most efficient way for to keep track of trades/ gains/losses and fees for tax purposes?
My question is, if a guy was to dip a toe in, what is the most efficient way for to keep track of trades/ gains/losses and fees for tax purposes?
Rain City
Crew Member
RBC sends you a report like anything else
wildmanyeah
Crew Member
I do all my stock investing out of a TSFA so I don’t worry about taxes.
Corey_lax
Crew Member
Me too for my fun play stocks but that’s limited to how much you can put in it.
if it’s not a tfsa, I know Questrade, RBC, and BMO Nesbitt burns will send a report for tax time
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Only contributions are limited. If you do well you can keep all of it in there.
Rain City
Crew Member
I didn't know that. Makes sense I guess I just never thought about it. Odlum Brown tales care of all the separate TFSA, RRSP, RESP etc. For us
Corey_lax
Crew Member
Thanks I edited my post.
sasqman
Crew Member
Essentially the ceiling in limitless on how much you can make in your TFSA. Tax free baby!
Aces
Well-Known Member
Same here
Breakin"even
Crew Member
Fascinating story, Reddit-Wallstreetbets wolfpack squeezes 5 billion out of elite Hedge funds
in just a few days through Gamestop stock. It will go down as the greatest short squeeze of all
time.
in just a few days through Gamestop stock. It will go down as the greatest short squeeze of all
time.
There are currently tfsa in millions under audit by the CRA. Personally I think they are too generous. They should not allow option trading.
Unreel
Well-Known Member
Its been quite interesting to watch gme and now the others that are popping 100-300% in a day. I would participate a bit if we didn't get screwed here in canada on the cost of trades. I think the zero commissions are adding to the situation where you can buy one share at a time endlessly and not pay anything. The average $10 per trade here is beyond a rip off, and looking into wealthtrade it looks like it ends up being more expensive unless your planning on making lots of trades a day.
ab1752
Crew Member
I've read up on this as well, the issue cra had was these the owners of the tfsa under audit were professional designated traders and cra claims they were trading in their professional track. I'm not sure how they figure they can differentiate here so I think there may be more to the story.
I fluked out in my tfsa as I transfered an equity position I believed in into my tfsa account as I had plenty of room. Now it has ripped up really well. The cool thing beyond the tax free win is when you withdraw you can carry that amount forward to deposit back in down the line. This is what I think cra had issue with.
ab1752
Crew Member
There's gonna be a lot of falling daggers when this settles out but I think the reddit flashmob honestly doesn't care. They're in it as a big FU to wall street and they're not giving up any time soon.
The big question is which equity is the next epic short squeeze play? Probably not travel specific stocks but perhaps airlines, like a smaller carrier. Place your bets!!!
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Yah, these ones will go to tax court. The argument is basically the professionals running a business in their TFSA. Not sure exactly where this is at or if any have gone to court yet.
I really blame the government that brought this in. The intent generally was for people to buy long-term investments that had dividends and interest that will be tax free. However, logically it makes much more sense to buy higher risk stuff in there and if one explodes you get the room for life. To me its a huge gap in legislation.
wildmanyeah
Crew Member
There was a CRA / tax expert on BMN and they said they were Auitting people that were doing over 50 trades a day in there TFSA.
in other words it’s not really something that the average investor needs to worry about.
in other words it’s not really something that the average investor needs to worry about.
Definitely not something regular people need to worry about. More an enforcement/rule change required to stop abuse. I don't think its in the interest of fellow Canadians for day traders to run their business tax free.
ab1752
Crew Member
Thing is once you pull off a big win, you can reinvest it all forever, all tax free. So say you hit a 10 bagger on your 68,000, then at a high level you have 680,000 to go and invest in whatever else you want, all tax free. Plus you whatever you pull out tax free can be added back in down the road. For sure cra is going to modify these rules, same as our capital gains rules are surely going to change. If you keep up with the cra rumor mill, one day not too far down the line our capital gains free status attached to our principal residence is going to go poof too. The lawyers who are drafting trust agreements by the dozens.
Yikes, bring this back into line, stat.
Yikes, bring this back into line, stat.
