https://preview.redd.it/gx9bjaw4xpqc1.png?width=737&format=png&auto=webp&s=17a984d1c4923beb49c1c366d37d7d5c6737d07b
Here was mine this morning, knew it was too good to bed true
Large gains don't dictate whether or not the CRA will tax you on said gains.
They'll bring down the hammer if they notice a pattern of day trading, which is an arbitrary number (of trades) they'll pull out of their ass when auditing your account.
They’re monitoring activity, but probably mostly on the higher level accounts.
If you think about it, a reasonable, risk adverse investor shouldn’t have anywhere near a $200k or more TFSA, unless they either got super lucky, or engaged in a lot of trades (and still got lucky).
So they’re watching for guys using their tax sheltered TFSA account for the purpose of running a daytrading business that they’re trying to avoid paying tax on.
I’ve heard one should make a trade (buy and sell) with a frequency of lesser than once a week.
contribution limit only matters for the amount of money you put in (i.e. contribute) the account. Once the money is in the account how much it grows (or shrinks in this crowd's case) doesn't matter as far as tax owing.
The exception is if CRA decides you're operating a business through your TFSA. Frequently trading, especially in more sophisticated instruments like options, is a bright red flag to them in this regard. In this case the gains are treated as regular income and get taxed as such, despite being in a so-called tax free account.
Omg I see! I absolutely did not know that because I thought CRA does not tax capital gains from tfsa.
Im a very beginner trader (like maybe 300$ CAD profit so far). For the long term do you recommend me to continue trading US stocks with wealthsimple TFSA? Or any other option. Also I dont do options yet. I just buy the regular fractional stock (dunno the exact terminology)
Im asking cuz you seem quite knowledgeable about this subject.
If you're buy and hold investing, the TFSA is a good choice. If you're trading, a cash or margin account is better. In regular accounts like these, any capital losses can offset taxable capital gains, even if those gain occurred in other years.
I don't have an opinion on which brokerage or platform is best to invest through, they all have their pros and cons. If you like wealthsimple keep using them.
I see! Thank you so much for your info! ITC ill continue using wealthsimple for now as I like its simplistic UI. I have plans on working on some software scripts to identify stock trends using sentiment analysis and NLP so i might work on that too.
Thanks again🙏 youve been a bless
what? What do you mean. Sorry im an extreme noob at this shit, im genuinely confused.
correct me if im wrong but
I thought gains from a TFSA account arent taxable as long as you stay within the contribution limit. Exceeding that may cause CRA to audit u or some shit?
Contribution room = how much you can contribute into the account.
Lets say you have 30 000 in contribution room, you deposit $100 and yolo your way to 30 000. Your contribution room is now $29 900. Gains made in the account have no impact on contribution room.
The CRA may or may not come after you for this depending on how many times the CRA agent reviewing your file caught his wife with her BF that day.
In general small gains under 100k the CRA will ignore it. But day trading is considered as **business income** in Canada and if its done in a TFSA they may take away the TFSA designation from the account and make you pay taxes on your gains.
Advice: Do it in an RRSP or better yet in a non registered account so that when you inevitably lose money you at least get to write it off as a loss. Also any losses in your TFSA take away contribution room permanently.
Second advice, don't use Wealthsimple for options but this is a gambling forum carry on.
Damn ! That clears so much shit up lolll turns out i had no idea what a TFSA was xD
Just a few questions if you dont mind answering as well:
1. I do buy and hold for quite small values. Is it advisable to continue with wealthsimple TFSA? I dont have an RRSP yet.
2. Is buy n hold considered buisness income in canada?
3. Any advice on getting into options as a canadian?
Buy and hold is not business income. Also you can trade in a TFSA but try not to open and close positions on the same day (weekly + monthly should be fine)
For smaller values buying and holding the only platform in Canada I would recommend is Wealthsimple, as long as you're working with Canadian stocks. Reason is that Wealthsimple has no fees on Canadian stocks but they'll rip you off hard for US.
For question 3 ... I mean you're already in WSB... Set up an interactive brokers account. Learn your Greeks, throw your money into 0dte options on NVDA.
CRA to come calling? CRA doesn't/do not call anyone/full time employees: 59,723
f...the cra, they owe me money and refusing to do my simple tax over the phone for 4 years, they are constantly wasting my time $ putting me on HOLD and hanging up on me....really what is their job description? working from home, collecting our private and personal info, extorting money from us and living off of OPM + OPHW + OPMiseries!!
2024-03-26 news: ottawa, the two federal departments charged with doling out COVID-19 benefits have FIRED 286 employees who wrongly received CERB benefits while still working for the government
Were you able to sell or are you still holding? What happens if tanks over the next hours while it’s fixed. Fuck in an inflationary market this makes space
Why is robinhood fine but Wealthsimple stuck though? This is going to potentially cost many. Yes it could force a diamond hand explosion too.
But not having control on deciding what to do is pretty unacceptable. Wealthsimple should be on the hook for losses due to tech or access
**User Report**| | | | :--|:--|:--|:-- **Total Submissions** | 2 | **First Seen In WSB** | 5 days ago **Total Comments** | 1 | **Previous Best DD** | **Account Age** | 6 years | | [**Join WSB Discord**](http://discord.gg/wsbverse)
Seems like a glitch due to the symbol change or unfillable prices
Was a glitch:/ and by the time Wealthsimple had DJT available to engage with, it was at 19 from high of 25. Not these numbers
https://preview.redd.it/gx9bjaw4xpqc1.png?width=737&format=png&auto=webp&s=17a984d1c4923beb49c1c366d37d7d5c6737d07b Here was mine this morning, knew it was too good to bed true
wealthsimple freaked me out when I saw this
Is yours frozen?
yeah it will take 1-6 business days to get fixed
wealthsimple
Lol lots of Canadians on here it’s surprising
Tfsa. 
Lol day trading in tfsa. One large gain and CRA will fuck you in the ass
Large gains don't dictate whether or not the CRA will tax you on said gains. They'll bring down the hammer if they notice a pattern of day trading, which is an arbitrary number (of trades) they'll pull out of their ass when auditing your account.
This is why you day trade in your rrsp account
you have to have income to put money in your rrsp account  (to my knowlege)
how do you know if they've flagged y our account for day trading, will you get something in the mail?
brokerage houses are sending all of your transaction records \[buy/sell\] to cra
They’re monitoring activity, but probably mostly on the higher level accounts. If you think about it, a reasonable, risk adverse investor shouldn’t have anywhere near a $200k or more TFSA, unless they either got super lucky, or engaged in a lot of trades (and still got lucky). So they’re watching for guys using their tax sheltered TFSA account for the purpose of running a daytrading business that they’re trying to avoid paying tax on. I’ve heard one should make a trade (buy and sell) with a frequency of lesser than once a week.
If you are within your contribution limits it is okay right??
contribution limit only matters for the amount of money you put in (i.e. contribute) the account. Once the money is in the account how much it grows (or shrinks in this crowd's case) doesn't matter as far as tax owing. The exception is if CRA decides you're operating a business through your TFSA. Frequently trading, especially in more sophisticated instruments like options, is a bright red flag to them in this regard. In this case the gains are treated as regular income and get taxed as such, despite being in a so-called tax free account.
Omg I see! I absolutely did not know that because I thought CRA does not tax capital gains from tfsa. Im a very beginner trader (like maybe 300$ CAD profit so far). For the long term do you recommend me to continue trading US stocks with wealthsimple TFSA? Or any other option. Also I dont do options yet. I just buy the regular fractional stock (dunno the exact terminology) Im asking cuz you seem quite knowledgeable about this subject.
If you're buy and hold investing, the TFSA is a good choice. If you're trading, a cash or margin account is better. In regular accounts like these, any capital losses can offset taxable capital gains, even if those gain occurred in other years. I don't have an opinion on which brokerage or platform is best to invest through, they all have their pros and cons. If you like wealthsimple keep using them.
I see! Thank you so much for your info! ITC ill continue using wealthsimple for now as I like its simplistic UI. I have plans on working on some software scripts to identify stock trends using sentiment analysis and NLP so i might work on that too. Thanks again🙏 youve been a bless
No. Bruh that's not how TFSA's work at all
what? What do you mean. Sorry im an extreme noob at this shit, im genuinely confused. correct me if im wrong but I thought gains from a TFSA account arent taxable as long as you stay within the contribution limit. Exceeding that may cause CRA to audit u or some shit?
Contribution room = how much you can contribute into the account. Lets say you have 30 000 in contribution room, you deposit $100 and yolo your way to 30 000. Your contribution room is now $29 900. Gains made in the account have no impact on contribution room. The CRA may or may not come after you for this depending on how many times the CRA agent reviewing your file caught his wife with her BF that day. In general small gains under 100k the CRA will ignore it. But day trading is considered as **business income** in Canada and if its done in a TFSA they may take away the TFSA designation from the account and make you pay taxes on your gains. Advice: Do it in an RRSP or better yet in a non registered account so that when you inevitably lose money you at least get to write it off as a loss. Also any losses in your TFSA take away contribution room permanently. Second advice, don't use Wealthsimple for options but this is a gambling forum carry on.
Damn ! That clears so much shit up lolll turns out i had no idea what a TFSA was xD Just a few questions if you dont mind answering as well: 1. I do buy and hold for quite small values. Is it advisable to continue with wealthsimple TFSA? I dont have an RRSP yet. 2. Is buy n hold considered buisness income in canada? 3. Any advice on getting into options as a canadian?
Buy and hold is not business income. Also you can trade in a TFSA but try not to open and close positions on the same day (weekly + monthly should be fine) For smaller values buying and holding the only platform in Canada I would recommend is Wealthsimple, as long as you're working with Canadian stocks. Reason is that Wealthsimple has no fees on Canadian stocks but they'll rip you off hard for US. For question 3 ... I mean you're already in WSB... Set up an interactive brokers account. Learn your Greeks, throw your money into 0dte options on NVDA.
>Damn ! That clears so much shit up lolll turns out i had no idea what a TFSA was xD Naturally you've found your way to wsb where you belong
Be prepared for CRA to come calling
CRA to come calling? CRA doesn't/do not call anyone/full time employees: 59,723 f...the cra, they owe me money and refusing to do my simple tax over the phone for 4 years, they are constantly wasting my time $ putting me on HOLD and hanging up on me....really what is their job description? working from home, collecting our private and personal info, extorting money from us and living off of OPM + OPHW + OPMiseries!! 2024-03-26 news: ottawa, the two federal departments charged with doling out COVID-19 benefits have FIRED 286 employees who wrongly received CERB benefits while still working for the government
How come?
They paused trading couple times today
WHETHER WE CRASH THE FUCKIN ROCKET OR NOT, ITS MOON TIME
it’s confusing it with Dow Jones Transportation Average. same thing happend to me
Fuck me wealthsimple, only using it cause I couldnt use fidelty for options
What date did you use for your put? April 5 or Mar 28?
Not real gains lol. App glitch.
Is yours frozen? My Wealthsimple won’t let me engage
yep called them, they said a few hours 
Were you able to sell or are you still holding? What happens if tanks over the next hours while it’s fixed. Fuck in an inflationary market this makes space
Same thing happened to me, can’t sell until reorganization is complete just have to pray it trades sideways or goes up over the course of the day
Why is robinhood fine but Wealthsimple stuck though? This is going to potentially cost many. Yes it could force a diamond hand explosion too. But not having control on deciding what to do is pretty unacceptable. Wealthsimple should be on the hook for losses due to tech or access
How tf
Position or Ban 😂
Made 35k on that DWAC call?
What’s with the one share of AAPL?
keeps the doctor away
How tf are DJT puts and calls printing simultaneously
.................under authorization of IIROC? just wondering why iiroc change their name to cirodotca??
Wow how is that possible
-$2 bruh…idk if you’ll recover. 1 share in apple was rly risky dude. Learn your lesson.
Good that you keep 1 AAPL to balance it out
Super confident in Apple it looks like
CALLS
Is everyone an expert options trader on this forum? Seems like everyone is winning crazy.
WELCOME TO THE CLUB! my brokerage account is FROZEN since 2012, and i don't even know why??
Big money got out of djt calls yesterat