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Old 03-06-2011, 12:41 AM
idiotstockinvestor idiotstockinvestor is offline
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Default TFSA Issues

I'm not clear at all on many of the TFSA policies but my accountant warned me the government does not have good intentions with them, and I believe they are right:

http://www.canadiancapitalist.com/go...fsa-penalties/
http://www.canadiancapitalist.com/tf...are-taxpayers/

The TFSA implementation was done in a way that left people unsure of the rules, it's not as simple as the banks make it sound either, and little to no effort appears to have been done to educate people.

For those who know, please provide some details about the TFSA and how to avoid being penalized.

It sounds like people were punished for doing seemingly normal things such as withdrawing from one TFSA and moving it to another bank, but they still got penalized.

How about if you invest $5000 as your maximum in a TFSA stock account, what happens if it grows by interest above $5000, will you be taxed?
What if you keep buying and selling stocks into that TFSA, will you be penalized for buying and selling the wrong/way at the wrong time?
What is the correct way to move your money in and out of a TFSA/switch institutions?
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