OT: Lets talk about stocks (Part 3)

[marinoni1983]

Self directed TFSA investment account

Not lying for a second

Now I know you're lying. Your money is only tax free while it sits in the TFSA. As soon as you pull it out in the real world you would pay taxes on the amount you pull out. You pulling out a million you would of payed 50% since it's all capital gain. The only way to pay less is taking small increments depending on your salary or waiting till you retire to substitute your salary and pay a lower tax rate. As if anyone on here would believe this guy.

 

[pepperMonkey]

I thought that too and was concerned, but my accountant told me they only crack down if you're making 100+ trades a year. I've never even come close to that

Hmm...I think I actually did do almost exactly 100 trades...lol. Albeit, I think that was in my RRSP than my TFSA.

 

[pepperMonkey]

Now I know you're lying. Your money is only tax free while it sits in the TFSA. As soon as you pull it out in the real world you would pay taxes on the amount you pull out. You pulling out a million you would of payed 50% since it's all capital gain. The only way to pay less is taking small increments depending on your salary or waiting till you retire to substitute your salary and pay a lower tax rate. As if anyone on here would believe this guy.

Err...no, you can take money out of your TFSA tax-free. The only time you pay $$$ from your TFSA is if you have foreign stocks that collect dividends. Well, there may be other penalties but yeah, in general, it's tax-free. You will NOT pay capital gains. This is different from your RRSP which you will pay taxes when you pull out (but your gains are tax-free while inside RRSP).

 

[Chadstudsky]

Now I know you're lying. Your money is only tax free while it sits in the TFSA. As soon as you pull it out in the real world you would pay taxes on the amount you pull out. You pulling out a million you would of payed 50% since it's all capital gain. The only way to pay less is taking small increments depending on your salary or waiting till you retire to substitute your salary and pay a lower tax rate. As if anyone on here would believe this guy.

You dont pay tax when you withdraw from your TFSA dude

 

[marinoni1983]

Err...no, you can take money out of your TFSA tax-free. The only time you pay $$$ from your TFSA is if you have foreign stocks that collect dividends. Well, there may be other penalties but yeah, in general, it's tax-free. You will NOT pay capital gains. This is different from your RRSP which you will pay taxes when you pull out (but your gains are tax-free while inside RRSP).

No you cannot. Nothing is tax free, what kind of fantasy world do you live in.

 

[Chadstudsky]

No you cannot. Nothing is tax free, what kind of fantasy world do you live in.

You're thinking RRSP

 

[Hope Of Glory]

TFSA is definitely tax free, it's even in the name. But downside is, you can't deduct losses if youre unlucky or don't know how to invest/trade.

 

[BehindTheTimes]

No you cannot. Nothing is tax free, what kind of fantasy world do you live in.

The real world. You don’t know what you are talking about. I’ve withdrawn from my TFSA’s on several occasions. No fee, no tax, no penalty.

 

[BehindTheTimes]

TFSA is definitely tax free, it's even in the name. But downside is, you can't deduct losses if youre unlucky or don't know how to invest/trade.

This is true.

 

[pepperMonkey]

No you cannot. Nothing is tax free, what kind of fantasy world do you live in.

As Galchenyuk94 mentioned, you are thinking RRSP. You really need to look up TFSA and RRSP rules.

 

[BehindTheTimes]

I thought that too and was concerned, but my accountant told me they only crack down if you're making 100+ trades a year. I've never even come close to that

I heard it was 3 trades per week and they start digging around potentially. 150ish trades per year, like you, I’ve never come close. I’m more into crypto nowadays anyhow.

 

[neopreneur]

No you cannot. Nothing is tax free, what kind of fantasy world do you live in.

TFSA is tax free.
T: Tax
F: Free
S: Savings
A: Account

 

[Chadstudsky]

I heard it was 3 trades per week and they start digging around potentially. 150ish trades per year, like you, I’ve never come close. I’m more into crypto nowadays anyhow.

Well I've definitely had weeks where I've had 10 or so trades, but then nothing for a couple months, it'd be impossible and dishonest for an audit to consider me a day trader

 

[pepperMonkey]

TFSA is tax free.
T: Tax
F: Free
S: Savings
A: Account

Just remember not to hold foreign stocks that have a dividend as the dividend is NOT tax free (US stocks with dividends is tax free in your RRSP though)

 

[japhi]

Regarding SP 500 vs Nasdaq….

SP has significant tech exposure, pre tech crash was around 27%. So SP gets you as much exposure as you need on a 20 year window.
I’d add 20% maple and 10% international ober a long hold like that. Rebalance once a year to 70/20/10 and you should do well.

 

[japhi]

Now I know you're lying. Your money is only tax free while it sits in the TFSA. As soon as you pull it out in the real world you would pay taxes on the amount you pull out. You pulling out a million you would of payed 50% since it's all capital gain. The only way to pay less is taking small increments depending on your salary or waiting till you retire to substitute your salary and pay a lower tax rate. As if anyone on here would believe this guy.

Stop embarrassing yourself. This is not the thread for you junior.

 

[pepperMonkey]

Regarding SP 500 vs Nasdaq….

SP has significant tech exposure, pre tech crash was around 27%. So SP gets you as much exposure as you need on a 20 year window.
I’d add 20% maple and 10% international ober a long hold like that. Rebalance once a year to 70/20/10 and you should do well.

Very true as tech companies have done wondrously over the last few decades. Still, Nasdaq isn't really known to hold many value stocks
But yeah, it would be good to diversify even indexes.
I personally don't but I am holding positions in KRBN and JJU (oh and UVXY as a tail risk hedge). Not all really indexes I guess but close.

 

[japhi]

Very true as tech companies have done wondrously over the last few decades. Still, Nasdaq isn't really known to hold many value stocks
But yeah, it would be good to diversify even indexes.
I personally don't but I am holding positions in KRBN and JJU (oh and UVXY as a tail risk hedge). Not all really indexes I guess but close.

Yup. I am VFV, ZCN and XEF plus some pickems. Trying to stay close to 70/20/10 but am overweight maple because my CDN equities, oil and banks, have cranked.

 

[LeHab]

I thought that too and was concerned, but my accountant told me they only crack down if you're making 100+ trades a year. I've never even come close to that

They also seem to be tougher on people that work in finance. I remember they nailed a guy on a pot stock way back when and I was upset they flagged him. But later read he worked in finance and it was the world he worked in.

I would have no issues as long as thresholds or criteria were defined but that is not the case. CRA discretion based on loose rules then up to individuals to fight.

 

[neopreneur]

Just remember not to hold foreign stocks that have a dividend as the dividend is NOT tax free (US stocks with dividends is tax free in your RRSP though)

Indeed.

 

[Chadstudsky]

I would have no issues as long as thresholds or criteria were defined

That would make too much sense

 

[HuGort]

If this Ukraine goes to world war wonder how stock market will hold up? I don't get a good feeling about this war. Russia is acting desperate

 

[pepperMonkey]

If this Ukraine goes to world war wonder how stock market will hold up? I don't get a good feeling about this war. Russia is acting desperate

If the Ukraine vs Russia war turns into a world war, I doubt most of us would care about the stock market because most of us would be facing a nuclear fallout. Not sure I would care about becoming a billionaire if I have 6 mutated eyes and 3 mutated arms with 10 mutated legs, that's assuming I'm not 6 feet under.

 

[HuGort]

If the Ukraine vs Russia war turns into a world war, I doubt most of us would care about the stock market because most of us would be facing a nuclear fallout. Not sure I would care about becoming a billionaire if I have 6 mutated eyes and 3 mutated arms with 10 mutated legs, that's assuming I'm not 6 feet under.

That's going quite extreme. Doubt they will use nukes. Be nothing left

But it could go to long drawn out conflict with heavy sanctions. Strong financial messes on both sides

 

[pepperMonkey]

That's going quite extreme. Doubt they will use nukes. Be nothing left

But it could go to long drawn out conflict with heavy sanctions. Strong financial messes on both sides

Err...well, you mentioned "If this Ukraine goes to a world war" which is going quite extreme no? I mean, if we 'do' have a world war, that would mean US is involved, at the very least, against Russia. This would cause the potential of a nuclear war to be very real. And if China gets involved...and especially if they get involved by backing Russia, then there is no way it would be a war of sanctions. Course, I don't see China doing so but if it does become a world war, as you suggest, well, China would be involved and would side with either Russia or the US so....