stock trading with employer specific work permit

[amex]

I am in Canada with employer specific work permit, I have a temporary SIN number and I opened a direct investing and TFSA account from a bank. I did some long term and short term investing and gain some profit out of it. I just want to make sure that this won't hurt my work permit conditions since it is specific to an employer with a specific occupation. of course I am doing this with my own personal savings which is something around 50,000.

 

[zardoz]

I am in Canada with employer specific work permit, I have a temporary SIN number and I opened a direct investing and TFSA account from a bank. I did some long term and short term investing and gain some profit out of it. I just want to make sure that this won't hurt my work permit conditions since it is specific to an employer with a specific occupation. of course I am doing this with my own personal savings which is something around 50,000.

As long as you are only stock trading for yourself you have nothing to worry about.

 

[amex]

As long as you are only stock trading for yourself you have nothing to worry about.

Thanks that's really comforting to hear and make sure about it. I really appreciate it.

 

[shakir ahmed]

I am in Canada with employer specific work permit, I have a temporary SIN number and I opened a direct investing and TFSA account from a bank. I did some long term and short term investing and gain some profit out of it. I just want to make sure that this won't hurt my work permit conditions since it is specific to an employer with a specific occupation. of course I am doing this with my own personal savings which is something around 50,000.

Did you have any problem trading with closed work permit? I am in the same situation now. Wondering you could help.

 

[canuck78]

Did you have any problem trading with closed work permit? I am in the same situation now. Wondering you could help.

As long as it is your personal accounts and you are declaring all your capital gains/losses you are fine.

 

[amex]

Did you have any problem trading with closed work permit? I am in the same situation now. Wondering you could help.

As other members mentioned it is fine and it doesn't matter if you are day trading or doing long-term investment as long as you do it for yourself in your personal account.

 

[canuck78]

As other members mentioned it is fine and it doesn't matter if you are day trading or doing long-term investment as long as you do it for yourself in your personal account.

Would add declaring any income/losses in your Canadian taxes

 

[deep Singh 11]

Can we do day trading in Canada on specific work permit

 

[deep Singh 11]

Please reply I want to know about that is this possible I can do day trading in Canada on specific work permit and there is any limit

 

[Minhas15]

Hi did you guys find out anything about this topic I am in same situation looking please let me that would be great

 

[moscatojuices]

TFSAs are designed to be a long-term investing structure. If you day trade in your TFSA then the CRA may interpret this as operating a business and tax you on your capital gains - https://www.thestar.com/business/20...to-617k-in-his-tfsa-ordered-to-pay-taxes.html

By virtue of operating a business, you may enter unchartered waters and be deemed to have breached your visa conditions if those conditions strictly entitled you to work which is what a closed-work permit entails.

If you're wanting to do day trading then stick to an unregistered account.

You're welcome to message me and donate a coffee to me because not even an investment adviser or immigration lawyer would know any of the above.

 

[Minhas15]

Thanks for the reply I am not doing day trade from tfsa or RRSP I am doing trade from non-registered account in US Markert still fear that will make trouble with my work permit

 

[moscatojuices]

Thanks for the reply I am not doing day trade from tfsa or RRSP I am doing trade from non-registered account in US Markert still fear that will make trouble with my work permit

Not sure why - you're creating your fear in your head. You're a tax resident of Canada and are entitled to trade stocks in an unregistered account, earn interest, buy certain types of housing etc.

 

[Jay150102]

Hello I just completed my studies in canada and now I am on my work permit . Can anyone please tell me that can I do stock trading on work permit ??

 

[canuck78]

Hello I just completed my studies in canada and now I am on my work permit . Can anyone please tell me that can I do stock trading on work permit ??

You can do it for personal use not as a business being self-employed.