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Jaydee

Important info for anyone who day trades

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10 hours ago, Jaydee said:

TFSA holders ultimately liable for any tax on day trading in an account

 

ANOTHER Trudeau tax grab....wants to tax day traders who trade inside TFSA’s. Starts in the 2019 taxation year.

https://www.investmentexecutive.com/news/industry-news/tfsa-holders-ultimately-liable-for-any-tax-on-day-trading-in-an-account/

Kinda defeats the purpose of TAX FREE don't it?

 

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1 hour ago, boestar said:

Kinda defeats the purpose of TAX FREE don't it?

 

He has to pay for his SJW causes and support every third world country somehow. Might as well be on the backs of Canadians simply trying to get ahead. 😡

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I'm fundamentally opposed to taxes but on this one I might agree with JT.  The name is "Tax Free Savings Account" not "Tax Free Trading Account".  I think this is aimed at those few (rare) individuals who are very active and have a high level of knowledge about the industry.  Think about people who are currently employed as traders at a major institution and do multiple trades per day in their personal TFSA.  This is not aimed at the average joe.  I have a pretty large TFSA but only do a few trades per year and am employed outside the financial industry - not going to affect me.

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so close the loophole, don't just tax it.

Oh you are using too much air.  here let me tax that for you

 

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1 hour ago, boestar said:

so close the loophole, don't just tax it.

 

Close what loophole?

Edited by seeker

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8 minutes ago, seeker said:

Close what loophole?

I'm guessing it's the one that allows experienced day traders to operate a "business" within the confines of a tax free investment vehicle.... but that's just me.

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OK, a little confusing when you said "close the loophole, just don't tax it."  They are closing the loophole - by taxing those that do it as a business.  This seems to be the course of action that will have the least effect on those that are not doing it as a business.  A typical government move would have been to say you are limited to only a certain number of trades per month or per year - this could have severely constrained the average person.  It's surprisingly sophisticated for the criteria to include number of trades, investment knowledge of the investor and time spent researching the trades (although I don't know exactly what this means or how it's measured).

Edited by seeker

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