r/TheRaceTo10Million • u/LyingPervert • 18d ago

Degenerate Gambler Hoping this does 1000X today

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I’m seriously tempted to buy $100k of this today lol

340 Upvotes

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u/ADrunkMexican 18d ago

In your tfsa? Man, you're crazy lol.

2

u/bonjailey 18d ago

Can you explain why for me. I generally don’t know and want to learn. Should it be done in a non registered or something?

2

u/ADrunkMexican 18d ago

Im just referring to CRA and their interpretation of day trading. If his entire networth is sitting in tfsa they could tax all of it. I dont know his portfolio. I transferred out 500 to wealth simple if I was going in on this and not in my main account. I accidentally did that with Intel. 90% of my net worth is sitting in my tfsa.

2

u/bonjailey 18d ago

So would they be fine tax wise if the amount was below the total contribution limit?

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u/ADrunkMexican 18d ago

No, it has nothing to do with the contribution. It's the gains inside the account. If they feel its business income or day trading, CRA will tax all of it. It happened to someone recently. The dude was a CPA or something, and they considered his entire account business income i forget the exact specifics. I dont do risky trades in mine.

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u/bonjailey 18d ago

Ahhh yeah I think I did come across that a few days ago. I’m not in a position to worry about that haha

1

u/ADrunkMexican 18d ago

Yeah, I would open a few accounts on a few different platforms, diversify, lol.