Comments on: Understanding TFSA Contribution Room http://blog.taxresource.ca/understanding-tfsa-contribution-room/ Canadian Tax Help & Financial Planning Resources Sun, 12 Feb 2012 02:53:18 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Hashimhttp://blog.taxresource.ca/understanding-tfsa-contribution-room/comment-page-4/#comment-10595 Hashim Fri, 20 Jan 2012 18:29:48 +0000 http://blog.taxresource.ca/?p=4177#comment-10595 Hi there, thanks for all the info. Question: Since investing in a particular stock last year with my TFSA trading account, I've earned about 25% in returns. If I sell the stock in my TFSA account today, can I reinvest the profits within this account in addition to my yearly $5000 contribution for this year, or is the profit going to be considered part of my yearly contribution? Thanks! Hi there, thanks for all the info. Question: Since investing in a particular stock last year with my TFSA trading account, I’ve earned about 25% in returns. If I sell the stock in my TFSA account today, can I reinvest the profits within this account in addition to my yearly $5000 contribution for this year, or is the profit going to be considered part of my yearly contribution? Thanks!

]]> By: Tax Guyhttp://blog.taxresource.ca/understanding-tfsa-contribution-room/comment-page-4/#comment-10355 Tax Guy Mon, 21 Mar 2011 08:07:43 +0000 http://blog.taxresource.ca/?p=4177#comment-10355 George, Mortgage extended under the NHA are permitted. But anyone reading your question may have assumed they could have just lend money to anyone.This thread is about TFSA contributions. Please ensure your questions are on topic. George,
Mortgage extended under the NHA are permitted. But anyone reading your question may have assumed they could have just lend money to anyone.

This thread is about TFSA contributions. Please ensure your questions are on topic.

]]> By: Georgehttp://blog.taxresource.ca/understanding-tfsa-contribution-room/comment-page-4/#comment-10350 George Mon, 21 Mar 2011 04:14:58 +0000 http://blog.taxresource.ca/?p=4177#comment-10350 Why is it illegal, it says you can hold mortgages in real property, if i offer $15,000 as a second or third mortgage to someone, at an interest rate compound semi annually not in advance, for 5 yrs term at prime + 5% for example what makes this illegal. Please see, http://www.cwt.ca/iris/mortgage_broker/IMBA_docs/ArmsLengthInfoPackageMarch2010IMBA.pdf Why is it illegal, it says you can hold mortgages in real property, if i offer $15,000 as a second or third mortgage to someone, at an interest rate compound semi annually not in advance, for 5 yrs term at prime + 5% for example what makes this illegal. Please see, http://www.cwt.ca/iris/mortgage_broker/IMBA_docs/ArmsLengthInfoPackageMarch2010IMBA.pdf

]]> By: Tax Guyhttp://blog.taxresource.ca/understanding-tfsa-contribution-room/comment-page-4/#comment-10326 Tax Guy Sat, 19 Mar 2011 15:13:12 +0000 http://blog.taxresource.ca/?p=4177#comment-10326 Your idea is illegal. http://blog.taxresource.ca/what-investments-can-i-hold-in-my-rrsp-rrif-resp/ Your idea is illegal. http://blog.taxresource.ca/what-investments-can-i-hold-in-my-rrsp-rrif-resp/

]]> By: Georgehttp://blog.taxresource.ca/understanding-tfsa-contribution-room/comment-page-4/#comment-10321 George Sat, 19 Mar 2011 07:31:24 +0000 http://blog.taxresource.ca/?p=4177#comment-10321 Hi Tax Guy, I have a question, I just opened a TFSA for $15,000 (3yr allowance), i have not invested it in anything yet, i am thinking about setting this investment as a mortgage secured by a house, which I could offer to a third party arms length borrower, the monthly payments which are being paid back may include a combination of principal and interest, or I can set it up as interest only. Would all payments i receive stay in the account,and if payments are late and their are additional penalties, if those fees remain in the TFSA account are they also considered tax free? Thank you Hi Tax Guy,
I have a question, I just opened a TFSA for $15,000 (3yr allowance), i have not invested it in anything yet, i am thinking about setting this investment as a mortgage secured by a house, which I could offer to a third party arms length borrower, the monthly payments which are being paid back may include a combination of principal and interest, or I can set it up as interest only. Would all payments i receive stay in the account,and if payments are late and their are additional penalties, if those fees remain in the TFSA account are they also considered tax free? Thank you

]]> By: Tax Guyhttp://blog.taxresource.ca/understanding-tfsa-contribution-room/comment-page-4/#comment-10268 Tax Guy Wed, 16 Mar 2011 09:51:38 +0000 http://blog.taxresource.ca/?p=4177#comment-10268 This should answer your question: http://blog.taxresource.ca/the-tax-free-savings-account-tfsa/ This should answer your question: http://blog.taxresource.ca/the-tax-free-savings-account-tfsa/

]]> By: Kaeotahttp://blog.taxresource.ca/understanding-tfsa-contribution-room/comment-page-4/#comment-10259 Kaeota Wed, 16 Mar 2011 01:42:54 +0000 http://blog.taxresource.ca/?p=4177#comment-10259 What is TFSA? What are we suppose to do with it? How do we withdraw the amount? What is TFSA? What are we suppose to do with it? How do we withdraw the amount?

]]> By: Tax Guyhttp://blog.taxresource.ca/understanding-tfsa-contribution-room/comment-page-3/#comment-10067 Tax Guy Mon, 07 Mar 2011 23:09:16 +0000 http://blog.taxresource.ca/?p=4177#comment-10067 I suggest contacting the CRA to find out if it was included as part of your withdrawal. If you simply transferred from one financial institution to another in the fee probably is not deductible. I suggest contacting the CRA to find out if it was included as part of your withdrawal. If you simply transferred from one financial institution to another in the fee probably is not deductible.

]]> By: kevinhttp://blog.taxresource.ca/understanding-tfsa-contribution-room/comment-page-3/#comment-10016 kevin Sun, 06 Mar 2011 23:40:59 +0000 http://blog.taxresource.ca/?p=4177#comment-10016 I moved my tfsa from an investing firm to self directed account at our bank in june of 2010 .I paid 536$ in withdrawl fees out of my 10,011$ balance in the account,can i recontribute this expense amount in 2011? I moved my tfsa from an investing firm to self directed account at our bank in june of 2010 .I paid 536$ in withdrawl fees out of my 10,011$ balance in the account,can i recontribute this expense amount in 2011?

]]> By: Tax Guyhttp://blog.taxresource.ca/understanding-tfsa-contribution-room/comment-page-3/#comment-9626 Tax Guy Fri, 11 Feb 2011 21:27:52 +0000 http://blog.taxresource.ca/?p=4177#comment-9626 Did you contribute $5,000 to a TFSA and then buy the stocks? If so, then you would not pay any tax on the gain and there is no penalty tax. Did you contribute $5,000 to a TFSA and then buy the stocks? If so, then you would not pay any tax on the gain and there is no penalty tax.

]]>