Canada covid-19 pandemic Canada

Frequently trading stocks in your TFSA? The CRA may have questions

Reading now: 882

COVID-19 pandemic and soaring stock market have given young Canadians a taste for buying and selling their own securities. But not all newbie DIY investors seem to know there are potential tax risks in trading too frequently inside a tax-free savings account (TFSA).“We’ve seen cases on it,” says Jamie Golombek, managing director of tax and estate planning at CIBC Private Wealth Management.“When I get calls from clients who say that their 19, 20-year-old sons want to open up TFSA accounts for trading, I caution them.

I say, ‘you’ve got to be very, very careful,'” Golombek says. How COVID-19 is luring Canadians into the stock market The downside is risking unwanted attention from the Canada Revenue Agency (CRA).Canadians can hold qualified.

The website is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.

Related News