Comments on: TFSA Institution Transfer Strategies

By: Gary D

Gary D — Mon, 14 Nov 2011 22:33:46 +0000

I have a margin Acc. If i open a TFSA and tranfer some stock to TFSA
what happen’s if one stock has a profit of $500 and
the other has a loss off $500. My limit is $15,000 ??
How does this affect my tax’s. Thank you Great page

By: Mike Holman

Mike Holman — Sat, 08 Oct 2011 08:40:52 +0000

@kreug – You will be “downgraded” to $11,000 plus any new contribution room because it’s a new year.

By: kreug

kreug — Sat, 08 Oct 2011 03:37:52 +0000

to piggyback on Dick’s question, same principal…
i contributed 15,000 and bought stocks with it already, there currently down to about 11,000. Say i sell these at a loss (no intentions of claiming it as a loss for tax purposes, i understand that part) and withdraw the money…can i re-contribute the initial 15,000 in the following year or am i now downgraded to an allowable 11,000?
Thanking you in advance!!

By: kathleen

kathleen — Tue, 05 Apr 2011 04:56:53 +0000

hi there, just want to ask if i could withdraw TFSA anytime most especially in times of emergency??? i had my TFSA through bank, can i transfer that let say to my chequing account once i needed the money for emergency purposes??

By: Dick

Dick — Wed, 23 Mar 2011 02:03:14 +0000

Mike, thanks for the quick answer. That’s what I suspected… but now that you’ve confirmed it, I think it makes the TFSAs very attractive. I suppose most people do not have a grasp of these kind of details.

As to the stock tip, let’s just say it was a hypothetical scenario… although I’ve had one or two of those happen in the past (twice with Wi-LAN Inc and once with Cell-Loc…). Now I have to find another for my TFSA!

By: Mike Holman

Mike Holman — Wed, 23 Mar 2011 00:50:50 +0000

@dick – The answer is a. Now tell me which stock will go up 10x!

By: Dick

Dick — Wed, 23 Mar 2011 00:40:39 +0000

Mine is actually a question: I have not contributed to my TFSA so far, and this year (2011) my contribution limit is $15,000 right? I am inclinded to make this contribution and invest the entire amount in a very high risk stock that I expect will (let’s say a 10-bagger) skyrocket within a year… so assuming I am right and my stock does go up 10 times by December 2011… then my $15,000 invetment would be worth $150,000 — all tax-free as expected.

My question is this: If I sell this stock in December 2011 and make a $150,000 withdrawal from my TFSA account… what would be my 2012 contribution room in 2012?

a) $155,000 (i.e. $5,000 for 2012 + $150,000 withdrawn in 2011), or
b) $20,000

Thank you in advance.

By: Lagune

Lagune — Thu, 24 Feb 2011 05:35:01 +0000

Note, for those that are interested in precious metals, you can purchase physical gold in a Questrade TSFA. All gold products purchased in stocks or options accounts can be stored at the Royal Canadian Mint or the physical gold can be shipped. Maybe silver soon??

By: Justin

Justin — Wed, 29 Dec 2010 04:47:52 +0000

Don’t forget that capital gains as well as dividents are all tax free in you TFSA… just something to consider. But good post.

By: Tummon

Tummon — Tue, 27 Apr 2010 20:45:14 +0000

While I’ve previously read a lot about TFSAs, these comments have been very enlightening.

I’m 30 and was trying to determine (from a tax perspective) where I should be putting my money for retirement. It probably should have been obvious but the value of growing the $$$ in the TFSA account solely for the purpose of creating as much room as possible in later years never occurred to me.

The true value of a TFSA is really for people who have 20+ years to grow the contribution room and create a sizable tax free, income generating investment for retirement.