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I have a TFSA account and I started stocks -trading this year with my TFSA account. My allocated contribution room this year is 25K and I invested 20K which has now a value of 35K. If I sell my shares, I will get an amount of 35+K which is above the limit provided by CRA. Do I need to pay taxes on the amount greater than my TFSA limit? Can I have my hard earned money of 25K/contribution limit and trade while keeping all the profits tax free? if yes, what proof do I need to submit to CRA during the taxation period?
What does TFSA contribution limit in my NOA actually mean?
I have a TFSA account and I started stocks -trading this year with my TFSA account. My allocated contribution room this year is 25K and I invested 20K which has now a value of 35K. If I sell my shares, I will get an amount of 35+K which is above the limit provided by CRA. Do I need to pay taxes on the amount greater than my TFSA limit? Can I have my hard earned money of 25K/contribution limit and trade while keeping all the profits tax free? if yes, what proof do I need to submit to CRA during the taxation period?
What does TFSA contribution limit in my NOA actually mean?
Would encourage you to read more online versus this forum. You are allowed to contribute a certain amount per year into your TFSA. The amount of money in your account because of growth or losses is not associated with your contribution limit. The money in a TFSA is tax sheltered so you will not need to pay capital gains on any gains.
Would encourage you to read more online versus this forum. You are allowed to contribute a certain amount per year into your TFSA. The amount of money in your account because of growth or losses is not associated with your contribution limit. The money in a TFSA is tax sheltered so you will not need to pay capital gains on any gains.
Thank you. I did search online however there are always some bylaws. For example I got to know that.... if I buy USA company stocks and I get dividends, the dividends are yet taxable even if it's in TFSA.
Thank you. I did search online however there are always some bylaws. For example I got to know that.... if I buy USA company stocks and I get dividends, the dividends are yet taxable even if it's in TFSA.
Hello,
Can anyone help me with this - I received an educational letter from CRA on TFSA over-contribution. As per the letter, I have exceeded the TFSA contribution for 2022 by $9,000. So far, they are not charging penalty for this over-contribution. When I checked my CRA account it showed me that my contribution as of 1 Jan 2023 is only $2,500 (I guess this is due to the fact that a contribution room of $6,500 was added on 1st Jan 2023).
In this scenario, I have 2 questions:
a) What amount do I need to take out from my TFSA ($9,000 or $2,500) ?
b) How much time I have to withdraw the money (received the letter from CRA on 18th June 2023)? The money in TFSA is in form of Non-redeemable GIC and it is set to mature end of July'2023.
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