TFSA

Checkmateth

I blew up my $55,000 TFSA gambling on options. It hurt but it’s a good lesson that I’ll remember for the rest of my life. Don’t worry brother you’ll be fine.

PlutosGrasp

You’re gambling and you have a problem. Buy Microsoft stock and leave your TFSA alone.

deathdealer351

You broke the #1 rule. Never gamble with money you cannot afford to lose. TFSA by nature probably should not be your options account.  Then you have to ask yourself why are your strategies failing. Is it shitty timing, is it wrong index, bad emotions, following some knob gobbler fomo pump and dump and you really have no clue what your doing.  So now welcome to the I blew up my account club. We have all been there it's part of the lessons.  Now stop playing options with money you cannot afford to lose. 

RatKR

Options can be a powerful tool for good or bad to your portfolio. What kind of analytical tools do you use to qualify opportunities, and justify your entry and exit points? If you are going in blind, and have no tools in place to assess what you're doing, like using various oscillators, the Greeks, IV/HV... a difficult job is made even harder. One thing you might consider doing is selling calls for premium in your TFSA. Depending on what equity you hold in there, you can slowly build back what you've lost, although you might put a cap on your upside growth potential if you get assigned. Some people only sell for premium, and their win loss rate is quite high, even if they do leave some money on the table. I get what you're coming from. It sucks, but you have to have a mindset based on learning and growing and always moving forward.

Blayno-

Hey - so I did something similar. I only lost about $4k so not as bad but still very sad to think about the lost contribution room. The TFSA is not a good account for what you are trying to do. Like others have stated it’s an investment account not intended for trading. I would recommend taking some sort of formal or informal training before moving away from index linked ETF’s. The fact that you didn’t know the term ROI leads me to believe there may be some serious foundational knowledge missing. Not trying to be mean or anything, when I first opened my TFSA I didn’t even know there was a contribution limit I was lowering by losing money gambling.

LazyAd3074

As someone who has also lost a ton of money (and contribution room) in their TFSA, all I can say is that, it isn’t the end of the world. Please don’t hurt yourself and please don’t try to “chase” those losses in the short term, you will likely lose more. Investing (and making money from investing) takes time. Yes, options can make you a ton of money with little capital and in a short amount of time, but that is pretty much gambling and the “house” usually wins. Not financial advice, but I would use whatever you have left in your TFSA and invest in an index fund such as VEQT or XEQT. Each year, you can add to it, depending on the allotted contribution amount. And over time, you will likely see it grow and maybe one day, you will make back your losses. Otherwise, please take a break from investing, hang out with friends and family. That should hopefully clear your head. If you want to dabble in options, do it in a non-registered, use only what you are willing to lose, give yourself a longer expiry time frame such as 6 months or longer, do research, have a plan when things go south (I.e. cut your losses and reassess).

Beingol

Thanks for the advice, I wish i have never done options in my TFSA, but the urge to make back the contribution room is what make me continue to do it even though I know it’s risky. The reach of almost $30k loss last Friday was a wake up call for me and made me look back and admit the mistake and the emotional tolls. I will try the VEQT as you suggested! Thanks!

khayyam19

How old are you? Come January, you'll get another $7000 in contribution room. Throw $7000 in there and buy something solid (VEQT) and forget about it til next January. Do this every year, and in ten years you'll be sitting on a $120,000 TFSA and be laughing about this experience. Keep in mind, TFSA has strictly enforced albeit "grey" rules about short-term trading. While purchasing options is permitted, they need to be for the purpose of long-term investment growth, and not income generating. Think LEAPS. I make trades in my TFSA, but only 10-20 per year, and less than 5 of those are options. The rules aren't clearly defined, but if you get audited, you'll need to defend your reasoning about how it's long-term investment based and not income generating, and frankly, it sounds like you won't be able to form an argument they will accept, and your gains will be taxed as normal and you might even get a penalty or contribution room taken. Nothing to worry about currently, as they aren't going to go after you for losses, but in future if you made big gains, it would be a bad surprise to realize they weren't tax free gains. Good luck!

compvlsions

Use your TFSA to buy and hold good quality stocks for wealth building. Day/options trade in a non registered account with money you can afford to lose. This is how I sleep soundly every night.

Fluid_Contest_7594

Hi OP Thanks for sharing this so openly. Being vulnerable and talking about this is not easy at all. Options has that click that resembles gambling. It can have serious consequences and become addictive. If it's affecting your work, personal relationships, and you still can't get out of it, I truly believe you would benefit from professional counseling. Could you ETF the rest of your TFSA until you make peace with yourself? The more you feel like you need to recover your investment, the higher the chances of you doing crazy (riskier) trades.

BullyMog

W Shoulda been in the TFSA!

EngineeringVivid6452

~120 but it was April and I wanted to just buy index etfs in my TFSA so I didn’t buy a lot

TibbersGoneWild

Let me guess, this was in your TFSA?

xianyao009

What… I thought we can’t hold crypto in TFSA? How’d you do that?

tallboybrews

We have TFSA (this) and RRSP, which is tax deferred. You get taxed on the latter as income when you withdraw, but your contributions are taken off of your annual income to reduce your tax burden. The RRSP can get you big money back from taxes you've paid. The TFSA can make your investments go crazy. I have some BTC and ETH ETFs in my TFSA. Figured those highly likely big winners will be awesome to not get taxed on. What OP is doing is crazy. You lose your contribution room if your investments go to 0, so if he lost those trades he'd lose all his room in that tax advantage account.

Ill-Ad1603

Are you new to options trading? If so, don’t do it in your TFSA. You are going to lose a lot of money and destroy your contribution room. Making too much money in your TFSA can get you in trouble. Especially if you’re trading weeklies like you’re doing.

admin_luke

What do they do if I happen to reach 300k, I mean that’s the goal right? What’s the better alternative to my TFSA?

Ill-Ad1603

As a fellow regard who turned 6.7k to 25k inside my TFSA I say this to you Godspeed retard, you are fucked.

BestWrasslinMemes

Hey all. Looking for some advice regarding growing my portfolio. I’m a beginner investor and I would like to grow my portfolio to about 500k in the next 5 years. Might sound wild, I live with my parents, I have a well paying job, my expenses are low and I am able to invest ~40-60k each year, essentially adding anywhere from 160-240k alone in savings over that time. What would you all recommend for someone in my position? Is it ridiculous to aim for an annual return between 7-12%? Would love some advice and I apologize for sounding like a newbie. Thanks! 82k in TFSA 40k non registered 122k CAD ready to invest

MilkyWayObserver

Don’t forget for those that manage to have gains, CRA will be knocking on their door doing it inside a TFSA

Soft-Usual-9909

You remind me of myself, day trading options on a TFSA. Enjoy maxing out your contribution limit, whole having a $0 balance lol

Far_Loan4911

If I remember correctly, TFSA is cash account(not margin) which doesn’t allow sell options first then buy it back. How’s the bottom two trades even work? Any explanations?

RealMogger

Lol nah I tripled my TFSA in 2020 and nothing happened

RealMogger

Withdrawing with Roth is not tax free until retirement TFSA is 100% tax free withdrawal anytime

AngryGranny1992

Holy crap that's insane. I've turned 2.7k to about 26k since May, but all in a non registered account. Too scared to crap out my TFSA account which is just long term investments. It's +100k over the last 4 years of gains and I don't want to that to be taxed. Let me know if you get audited cause I thought of doing leaps on my TFSA too but too much of a wimp.

Unfair_Row523

Sorry, see this is old, but how do you navigate avoiding penalties if the CRA made the rules opaque? I know that myself and most people won’t ever have to worry about this, but if my TFSA were to have substantial gains, I suddenly have an issue?

lolmonay

Not retirement fund , that would be TFSA (Tax Free Saving Account), any Canadian over 18 can put money in theirs or their children's is limited to 7k/years and it's accumulating so right now a boomer or even X-gen could put a chump sum of 102k

Lamboowner1199

OP might have just named the account as TFSA, because real TFSA accounts dont allow margin or options

DeNomadAB

Just trying out the ikbr platform, currently with questrade more than 10 years. I don't like the ibkr web UI. Don't like caps on limit orders out of bid-aak on some securities. I made a side by side list with the differences ibkr vs questrade for margin accounts. The biggest stand out is interest rates on margi, which might be an issue depending on your strategy. Fees for options are low for both, 0.65 vs 0.99 per contract, except exercising an option for questrade is $24.95. Getting assigned is free for both brokers. I like the questrade edge platform, I haven't had time to get used to ibkr tws. I may end up using questrade since it's familiar and has the TFSA margin power.

SonyShooter35

At first I unrionically thought you made all those gains off a single ticker: TFSA. Then I Googled it 😂

Outside_Airport_5448

Probably not tax free lol. 182k in 3 months is very likely to trigger an audit then if he fails it his TFSA will be blown and everything will be taxed at 100% rather than 50% for regular capital gains because they determine its a business.

Ali_knows

It's case by case regarding TFSA used as trading accounts. If you're a noob clicking buttons who'se primary income comes from elsewhere, you're mostly fine.

hinterlain

I have options in my TFSA and they didnt penalize me for last years gains. I think they would be more explicit with it if they were completely disallowed. The difference is my options are 6months + dte and his seem much shorter

Level-Ad-9445

TFSA i guess

maricc

Say goodbye to that TFSA room

Ill-Ad1603

I’m trading options in my TFSA currently have 300%+ gain for the year. 6.7k to 27k through options mostly leaps, and 1 or 2 weekly calls. Wondering if I’m getting in trouble.

Mug_of_coffee

> Am I going to hurt myself taking everything out of my TFSA with QT and putting it into a TFSA with IBKR? No - you can transfer your positions directly. You don't have to sell. It's easy, might take about a week. I can't remember the exact details, but I've done it with multiple brokers and have no consolidated everything with IBKR. Just google "change brokers - transfer positions"; pretty sure you want an "In Kind" transfer. > I guess the going advice here is to move over to IBKR TFSA and open a margin account with them too? I did and would recommend you do too. Once you figure out options trading, the fees seem inconsequential. The platform is much much better, better margin rates, better fills, much more versatility, easy/cheap FX conversion, etc. A bit of a learning curve, and no handholding, but totally worth it.

RockyMountainSchrute

I went with QT because of the no fees on ETFs etc, but if IBKR is better overall I will switch. Am I going to hurt myself taking everything out of my TFSA with QT and putting it into a TFSA with IBKR? I opened up a margin account with QT to do wheeling, I just haven't funded it yet. I guess the going advice here is to move over to IBKR TFSA and open a margin account with them too?

LawyerInTheMaking

Looks like Questrade. Did you do it in your TFSA at least

Mug_of_coffee

Not worth it at all at QT. Strongly recommend transferring over to IBKR. The only thing going for QT, is the margin power based on the TFSA balance. FYI - you can't wheel in TFSA, because CSP aren't permitted.

One_Math_5948

100% true, you can only sell calls in a TFSA, FHSA, RRSP

CreativeMC3

Pretty sure you can't sell puts in TFSA, only calls 

KifDawg

Etha is in my TFSA, bought it at 20, 16, 12, 25.

RockyMountainSchrute

All my investments are in Questrade and I was planning on doing the wheel in my TFSA or opening a margin account and using my TFSA as collateral. The more I learn about options the more it seems like Questrade might not be ideal for trading. I don't really want to start over or transfer everything over to IBKR and don't have the money to just have two accounts.

IrenicusX

Yes, you buy a put With 100 shares of stock selling a covered call is the same risk profile as selling a naked put and buying a put is the same as buying a call Since you are allowed to buy puts and calls, you can always buy a put regardless of owning shares. It's the sold call that requires the shares You can pretty much simulate any spread in a RRSP or TFSA, you just have to inverse the call/put for each leg and combine it with stock

Far-Enthusiasm-5995

Congrats on starting early! With a 5–10‑year horizon you don’t need to chase a sixth pick — the market itself is usually the biggest winner over that kind of timeframe. XEQT already gives you a globally diversified basket. Instead of slicing your $150 six ways, consider bumping up your XEQT contribution and letting compounding do the work. Adding another single company likely adds more volatility than diversification. Also remember that while TFSA growth is tax‑free, U.S. dividends still face a 15% withholding tax that can’t be reclaimed inside a TFSA. If you want U.S. exposure, use a Canadian‑listed ETF that wraps U.S. stocks or save RRSP space for U.S.-listed funds to avoid the withholding. Long story short: keep it simple, use low‑cost broad funds, and contribute consistently. That’s more important than finding a sixth ticker symbol.

AngryGranny1992

Nothing really I just diversified slowly. Most important thing was that I just continued without failure putting exactly the amount I had budgeted for investing EVERY paycheck. As my salary grew I increased that amount. Any bonus or money I received extra, just got added to my account. That's the most important thing. I didn't let life style inflation get to me either. I did improve my quality of life of course and enjoyed some of the fruits of my labor but always within means and the percentage of what I was allocating to entertainment. For stocks, I had strong conviction in Nvidia at the time so I was putting about 30-40% of what I was investing biweekly in it. Then because I was scared and didn't know much about investing in general, i went with the s&p 500 such as VOO and VDY(Canadian) mostly initially before I started diversifying into individual stocks. I do have about 60% of my portfolio now in different tech stocks cause I have strong belief in it, but that is kind of greedy of me because if things go wrong it'll be 60% of my portfolio being screwed. I also do not to panic when there's a pull back because I know it'll eventually go back up. For example this march/April when shit was hitting the fan, I just kept DCA'ing without too much care. Sure enough it has rallied back up. History shows these pull backs happen but it ALWAYS goes back up at least within 1-3 years. I have a TFSA (Canadian version of the tax free savings account). Once I've maxed my contributions for that, I started buying stock in a non-registered account (taxed account) and the Canadian equivalent of 401k (RRSP). Just keep it up and if you stay consistent you will get there probably faster than me.

JohnnyStrides

My TFSA (tax-free account) is maxed out in mostly ETFs as is the RRSP. In my non-registered account I'm holding the following, my PNG (Kraken Robotics) stake is only so high because I'm up 6x on it but think it has a ton of life left. GRA is a possible homerun pick but I'm prepared to also watch it bleed out. I also had a big gain with HUT and sold off some and am hoping it picks up soon with crypto looking like a possible bull-run. The XGRO (XEQT is one of my main long-term ETFs) is merely where I keep some funds parked for a quick sale and to buy up dips in my other stocks, or if I take profits I move it into that. If we end up in a bear market I'll switch that to a HISA ETF. PNG - 40.60% XGRO - 14.42% HUT - 12.83% AMD (CDR) - 9.06% ASML - 5.63% BBAI - 5.52% SOFI - 3.91% GRA - 3.37% FUBO - 3.29%

IllustratorFuzzy1483

So the main spousal benefit would be that if you can find any LEGITIMATE reason to pay your lower income spouse a salary from the corp to even if it’s a small amount for doing paper work ect. This would enable you to get money into there name and distribute the household tax burden more evenly. Secondly I’d recommend paying your self a salary for a couple reasons. 1. You get to contribute to CPP which is a highly underrated guaranteed income source in retirement 2. You build RRSP contribution room. This is especially useful for contributing to a spousal RRSP. So you use you your contribution room to fill your spouses RRSP (it’s a special account called “spousal RRSP”) If you don’t own a home yet FHSA should be prioritized over corporate savings ($8000 a year x 4 years). Then TFSA, again better than a corp in the long run so fill that up first. Only once FHSA, TFSA and spousal RRSP and RESP ($2500 per year per child) are all fully contributed to THEN the corporation begins the I shine. For investments inside your corporation you can go the route of an index fund like XEQT. Alternatively there are corporate class funds that are more tax efficient (dividends and earned interest are taxed at 50% in Canadian corps so you want to minimize them at all cost.) If you want to hold any cash in the corp buy the corporate class cash fund ticker HSAV, simply put it converts earned interest into capital gain which means your could and up paying half the tax rate on it. Of course there is always more nuances, your partners income/ career also impacts the potential routes you take with your corp.

_hairyberry_

I am married! I'm not familiar with the spousal benefits, would you mind telling me what I should read up on? My TFSA isn't maxed out yet for this year but I will probably take out some extra cash to do so. I am paying dividends just because my accountant told me we'd need to send some sort of form to the government to do salary, but it was too late to do so by the time my corporation was created.

MarginCuck

Please tell me these are in your TFSA

motorbikler

If they give a tax break for UK investments but not for US investments, you would at least see people investing in _both_, much the same way that I invest in my TFSA but also a cash account when I run out of room. If the TFSA was (in my case) Canada only, I would still use both.

IllustratorFuzzy1483

First thing I’d ask is.. do you have a spouse? A big benefit of a corp can be income splitting. Also have you maxed out TFSA AND FHSA already? They are well worth the initial tax hit in order fill them up every year? Is there a particular reason you prefer dividends over paying your self a salary?

Lesli90

I’m from Canada and this is a TFSA which has no age restrictions. The constitution isn’t text deductible but growth is tax free

Lesli90

I’m from Canada and this is a TFSA which has no age restrictions. The constitution isn’t text deductible but growth is tax free

Lesli90

This one is TFSA account which in Canada it’s after tax contributions so growth within account is tax free but I can take it out anytime. It’s not retirement account

Gaspard_Schlatter

Made 100K on GLCC over the past 18 months. Plus it also paid me $2000/month in dividends. All in a TFSA.

GSReset

This just happened to me - I had a call option for TOAST at a strike of $44 expiry August 1st 2025. I tried to log in into my account to sell it in the morning as the stock was up, but CIBC investors edge had a system issue on Friday and wouldn't let people to log in. Stock tanked during the day as did the whole market. I was under the impression the call option would be sold before the EOD, but to my surprise, it was left expired, even if it was in the money. I called Investors edge yesterday and asked about it and they said I didn't take action and they let it expire worthless as this was held in a registered account (TFSA) and I didn't have sufficient funds to exercise it - they said I should've called to sell over the phone given the issue, but I was at work and couldn't step out. I expected them to sell the option automatically, but apparently, they do it subjectively. I'm now down USD 1.5k as a result of this... Will do a formal complaint about this.

chiisana

You are actually allowed to say trade inside your RRSP, just not your TFSA. This is because everything you withdraw is taxed at income inclusion rate out of your RRSP, whereas TFSA is tax free. Also, don’t do spreads (even diagonals) in TFSA because if the CRA comes knocking, you’re taxed on the gains but can’t write off the losses, thereby making you on the hook for taxes regardless if the spreads are a win or a loss. And before anyone say you can’t do spreads in TFSA… you can do call spreads if you have enough underlying to support the short leg.

LawyerInTheMaking

they really started doing this because of wealthsimple. remember the $10 minimum for options and $5 for buying US stocks? questrade finally got rid of it. the two biggest reason i went with questrade at the time were they offered covered call options (which wealthsimple didnt) and had usd accounts for their tfsa. now, wealthsimple does covered calls, and they have usd accounts for their TFSA but its $10/month. Wealthsimple offers great transfer bonuses for accounts over $100,000 now which i wouldnt mind, but im cheap and dont want to pay $120 just to hold my american dollars. but Questrade is definitely losing customers more and more with how long theyve been screwing us over. it wont be long before competitors from the states will come over and after that i really cant justify questrade any more. i swear as Canadians we are just conditioned to accept mediocrity forever.

CranjsMcBasketball

this guy's been buying short dated speculative options in TFSA for a while now based on his reddit post history, let's see if CRA catches on next year lol

WPG_Strong

they’re going to nerf your TFSA if you’re doing stuff like this

BullyMog

Lol you must be new to TFSA reading

MilkyWayObserver

Printed in a TFSA It’s short dated though so let’s see if CRA knocks on his door or not

Shopps22

Nice, tax free in your TFSA as well

One_Sir_Rihu

Im in the same boat with 1k shares split between FHSA and TFSA...fucking crazy

zzzupdate

Wow dude and that too in TFSA. I should learn something from you. 😮

Pale_Advice7365

Yep, wealthsimple TFSA here

TechnicalEntry

Pics show this was bought in a TFSA account, meaning he’s Canadian, so he’s actually profiting on *your* rights being taken away.

Amrit__Singh

Man bought this in a TFSA, all gains tax free.

MilkyWayObserver

Only thing additional he’s missing is buying those inside a TFSA Then he’s a full degen

TheBoxerBySandG

You know, to show good faith I humoured you, I did it. This is the summary portion of the direct reply: Most retail investors underperform the market over time. • SPIVA (S&P Index vs Active) studies consistently show: • 80–90% of actively managed equity funds underperform their benchmark over 10–15 years • Retail investors perform worse than professional managers due to: • Poor timing (buying high/selling low) • Overtrading and chasing trends • Lack of diversification • DALBAR studies (US retail investors): • Average retail investor 20‑year annualized return: ~4–5% • S&P 500 over same period: ~9–10% • The gap is behavioral, not lack of opportunity Conclusion: The baseline probability of long‑term outperformance by a casual or moderately active retail investor is low (<10–20%). ⸻ 2️⃣ Why Index Investing Wins for Most People • Diversification: • Owns the entire market → automatically captures winners and avoids catastrophic single‑stock risk • Low Costs: • Passive index ETFs have fees of 0.03–0.15% vs active strategies with trading costs and potential mistakes • No Timing Required: • Systematic dollar‑cost averaging eliminates the behavioral penalty • Statistical Edge: • Broad market returns are essentially the sum of all participants; only a minority can sustainably outperform. ⸻ 3️⃣ Conditions Where Retail Stock Picking Can Outperform 1. Concentrated, long‑term, disciplined strategy • Focused on a few sectors you deeply understand (e.g., Buffett’s approach) 2. Avoiding Behavioral Mistakes • No panic selling in downturns • Avoiding “chasing hot tips” or meme stocks 3. Leverage Unique Knowledge • Some retail investors outperform by exploiting niches: • Small‑cap Canadian miners (if you’re truly expert) • Local real estate equities • Sectors where professional coverage is thin 4. Tax‑Sheltered & Low‑Turnover Accounts (TFSA) • Maximizes compounding of any alpha you can generate ⸻ 4️⃣ Your Case Specifically From our months of work together, your approach has higher odds of doing well than average retail because you are: • Combining core passive/income holdings (RPF, CPD, FCMI, CASH) with • Concentrated bets where you have a thesis (NXE, ABX, ATD) • Using a TFSA → tax-free compounding • Risk-aware → maintaining 10–20% cash buffers, not going all-in Even so: • The long-term baseline is that indexing will beat most stock pickers • The key to potential outperformance is: • Keeping your speculative bucket small • Letting time + compounding work in your core holdings • Avoiding emotional overtrading I understand what you are saying. Historically, statistically, retail loses. But not always, and i have faith in myself and my decision making to believe that in 20 years, I’ll be just fine. Besides whether I will or not, we’ll find out in 20 years. Until then, it’s my money. I understand what you’re trying to warn me of, I may come across as braggadocios, but I’m self aware. I’m simply trusting my process.

_HPK_

Help allocating my portfolio Hi everyone, I’m 18 years old and starting my investing journey. I’m not a complete beginner to stocks, I understand how they work, and am in business school and have taken my finance and personal finance classes. Just now I am looking to start my investment to my future. I’ve played around with options trading and had some success and some failures, and decided it probably time to be smart and just purchase stocks lol. I live in Canada and will be investing into my TFSA with wealthsimple btw, I have 14kCAD of contribution room, and I’m looking for some rough advice on what % of the following etf/stocks to allocate in my portfolio. Originally I was planning on just splitting my portfolio between the mag7 stocks, but now with more research and maturing I have realized I want to diversify more with majority of my portfolio in ETFs. I am interested in the following ETFs QQC (Canadian version of QQM) VFV (Canadian version of VOO) I’ve done my research on ETFs, and I understand QQC/QQM is more risky and less diverse than VFV is, but I’m okay with that, I’m looking to have exposure to the tech stocks QQM holds. For individual stocks I’m 100% certain I want NVDA in my portfolio as I strongly believe in the future of AI powered by NVDA, and it’s just a company who’s mission im behind. For other individual names, what other suggestions would you make if any? I’m interested in other MAG7 stocks, and palantir. I was thinking of doing what my favourite financial person to listen to Scott Galloway was saying as a young person to do 70% ETF, and if you want 30% on individual names that you believe in, since I’m young and have time to let those individual names grow. For the ETFs, should I weight QQC and VFV equally? Personally I want more QQC than VFV, but I know many would say I should have more VFV since it’s more diverse. Last things, I know for sure I do not want to go 100% ETF, even if I have a small amount of individual names, I still want that exposure to the gains that could come. I’m looking for % wise suggestions, so like “50% VFV, 30% QQC, 10% NVDA, 10% AMZN” whatever it may be! Thank you for taking the time to read and I’m open to any opinions you guys have!

MentalAdversity

In a TFSA too. Truly regarded. See you at Tim Hortons. ☕

Spare_Marionberry_15

Im canadian so we have a TFSA, but it seems that the roth is similar where you get penalized after a certain contribution limit of 7k

AbathurSkwigelf

Is that a TFSA?

Front_Bat3307

Sounds like it. I am canadian so we may or may not have different versions of a Tax free savings account, but my plan is to max it out and put 5% or less of my portfolio into crypto as I do not trust crypto yet. As I max out my TFSA that is when I will increase that 5%

CanadianWampa

the best decision I made was creating a separate account for options trading. My TFSA, RRSP, RSP, and work pension are all stable investments, as well as my home, and I only “invest” 10k into options. I’ve been lucky and that 10k has turned into 80k, but there was also a time when I dipped to like 5k. It’s easy to see I’ve made so many bad trades because I’ve jumped the gun and gotten greedy. There’s a good chance i wouldn’t have lost everything if I didn’t create the barrier early on

Ok_Rent5670

Holy fuck can't stop don't stop RDDT. Those gains are in my TFSA too. Incredible.

CanadianAbroad7

I’m holding it in a TFSA thankfully so any profits I take will be tax free

LiteVisiion

https://preview.redd.it/1qh0glaxt3gf1.jpeg?width=1440&format=pjpg&auto=webp&s=0015d6732e180e8c40ec9ed965dd48ab6bed39fb I'm full port in my TFSA

GinOnIce

I unfortunately over contributed to my TFSA by $40k so I took that out and lost it here lol

LawyerInTheMaking

I’m disappointed you didn’t do it in a TFSA. That would have been truly impressive.

LawyerInTheMaking

If you did it in a TFSA I’d be even more amused

Hour-Negotiation2597

At least it's not a TFSA lmao

Otacon56

At least you didn't nuke the TFSA

BullyMog

At least it’s in a non registered and not your TFSA

IncidentSome4403

I just got a “TFSA educational letter” from the CRA about my day trading activity, this is the official government version of the “you’re retarded” letter from fidelity

PracticalRutabaga303

TD has TEQT. Relatively new. It's their version of the other EQT type ETFs out their. I buy mine in a self directed TFSA on Wealthsimple. I was buying it through TD Easy Trade but the app is atrocious. However I may go back to just using TD for everything. In the self directed account I also play around with a small portion of individual stocks, but mainly focus on the ETF.

Alex_J_Anderson

I’m up 54% in my individual stock trading account. Up 12% in my TFSA (1 year old, all ETF’s) Up 10% robo account (set to 4 risk level) Up 10% crypto (Bitcoin and XRP) Up 6% savings account. That’s right, I’m up 6% in my ZERO risk PSA savings account. I do very little day trading. I spend maybe an hour a month adjusting my portfolio. If you’re trading every day and only getting 6%, you’re in the wrong game. Also, you’re risking it all? That’s mental.

MilkyWayObserver

I was expecting this to be in your TFSA so impressed it wasn’t 

se2schul

I sell CCs in my TFSA. That's about it.

HobartHuo

TFSA is tax free account on capital gain, not suppose to do day trade, will bring him trouble from tax popo

GlumPomegranate870

You do realize losses in your TFSA are permanent and you can't claim the loss at the end of the year? Options expire worthless all the time...probably best to keep these in a taxable account. You will 100% nuke your contribution space.

Eulogiii

Day trading in a TFSA is not illegal, but can attract scrutiny from the Canada Revenue Agency. The CRA evaluates TFSA activities based on whether they constitute “carrying on a business”. If the CRA determines that your trading activity resembles a business due to factors like high frequency of trades, short holding periods, etc.. it may deem the income taxable, negating TFSA’s tax-free status. There’s no specific number of trades, dollar amount, or timeframe that triggers CRA action, it’s case-by-case (basically you need to get reported by your broker for them to even acknowledge you). Ultimately, they don’t give a fuck tbh, otherwise there would be laws in place, which there isn’t.

Eulogiii

Nah he’s good lol it’s a grey area, takes a substantial amount of activity for CRA to even raise an eyebrow lmao. We’re talking high frequency trading, conducting business like activity, sole source of income, etc. There is no law against day trading in a TFSA whatsoever. He wouldn’t even pop up on their radar for this

Ok_Currency_6390

TFSA is crazy 🤣

OrangeExtra5306

Buddy you trading in a TFSA you're not supposed to be buying and selling the next day....

Longjumping_Cookie68

Having a fully paid-off home definitely helps. My wife and I are newly married, with a household income of $180K in a very high cost-of-living area. We’re DINKs and doing our best to grow our income. We each invest just over 20% of our after-tax biweekly pay. Our current focus is maxing out the FHSA, then moving on to the RRSP. Next spring, we’ll put our tax refund into the TFSA. The cost of home ownership honestly feels overwhelming.

Recording_Massive

Not if you haven’t contributed prior years. I haven’t contributed to TFSA my whole life until now. I have over 107k in TFSA room that I can contribute to now and won’t pay taxes on any of the gains. The negative is the losses you can’t reduce your taxes and enter into a lower tax bracket. That’s why for stocks it might be better to use a non tfsa so that your losses you’ll be able to lower income taxes paid.