Lancaster Posted May 13, 2020 Share Posted May 13, 2020 Just now, Boudrias said: Outrageous! There should be a special tax for gains like that. Well.... it was from my margin account, so eventually CRA will want their cut anyways. Link to comment Share on other sites More sharing options...
NewbieCanuckFan Posted May 13, 2020 Share Posted May 13, 2020 (edited) 4 minutes ago, Boudrias said: Outrageous! There should be a special tax for gains like that. Somebody has to pay for leeches of government society like myself. I'm old enough to remember the Progressive Conservative $100,000 capital gains exemption....ah....the good old days. Didn't have the money to invest to take advantage of that then (heh, being a minor kind of limits ones options). Edited May 13, 2020 by NewbieCanuckFan Link to comment Share on other sites More sharing options...
Sp3nny Posted May 13, 2020 Share Posted May 13, 2020 6 minutes ago, Lancaster said: Just exited VTIQ when it reached $32.50. Thanks @AriGold2.0 for the quick 3-day 65% return. I don't know what makes me more stupid, staying in right now up 89%, or getting out before this thing has a real chance to take off. Granted, I have a fairly small position overall, but still. Link to comment Share on other sites More sharing options...
Ronaldoescobar Posted May 13, 2020 Share Posted May 13, 2020 8 hours ago, Lancaster said: There is a cap on the amount you can contribute to a TFSA per year (I think it's 6k now). Whatever you withdraw, you can contribute back without any penalty. Eg. you had to cash out quickly to pay for your tuition for 12k... but afterwards your grandmother gifted you 20k... you can put that 12k back into your TFSA. For all intent and purposes, there is no limit on gains within a TFSA. You could contributed 6k.... then suddenly your stock goes sky-high and it's now worth 60k. You can still contribute another 6k the following year (or same year if you haven't already put money in). 8 hours ago, I.Am.Ironman said: This is my understanding as well. The limits apply to what you transfer into it (ie from chequing). Once the funds are in there they don't influence your limits. I believe they are actually called contribution limits. Pretty much correct. Only thing is withdrawals from a TFSA can only be replaced the following year. If you re-contribute in the same year you withdraw you would have to have (and thus use up) contribution room which is currently $6k for the year or $69.5k total (2009-2020) if you have not previously maxed out. Also, although rare, CRA has been known to go after TFSA holders that run the account like a business with constant trades. Link to comment Share on other sites More sharing options...
NewbieCanuckFan Posted May 13, 2020 Share Posted May 13, 2020 5 minutes ago, Sp3nny said: I don't know what makes me more stupid, staying in right now up 89%, or getting out before this thing has a real chance to take off. Granted, I have a fairly small position overall, but still. Could think about liquidating a portion of your holdings to 'lock-in' some profits. Limits your risk (obviously limits potential profit as well). It's all a matter of your risk tolerance. Link to comment Share on other sites More sharing options...
Boudrias Posted May 13, 2020 Share Posted May 13, 2020 20 minutes ago, NewbieCanuckFan said: Somebody has to pay for leeches of government society like myself. I'm old enough to remember the Progressive Conservative $100,000 capital gains exemption....ah....the good old days. Didn't have the money to invest to take advantage of that then (heh, being a minor kind of limits ones options). That famous saying "crystalize your gains". I don't remember the $100K but I do remember the small business $500,000 exemption. Link to comment Share on other sites More sharing options...
Warhippy Posted May 13, 2020 Share Posted May 13, 2020 Dying inside. Dead....this is how Flames fans must feel 24/7 1 Link to comment Share on other sites More sharing options...
NickTheGreek Posted May 13, 2020 Share Posted May 13, 2020 Christ almighty, what the hell should I do VTIQ, you lovely lady you I think I'm going to let this one ride May god have mercy on my soul Link to comment Share on other sites More sharing options...
Warhippy Posted May 13, 2020 Share Posted May 13, 2020 1 minute ago, NickTheGreek said: Christ almighty, what the hell should I do VTIQ, you lovely lady you I think I'm going to let this one ride May god have mercy on my soul If you're in now, stay in. If you start seeing full 10% losses or so, sell. Almost everyone is up on that pony right now so enjoy it. Everything after 25% return is gravy and a lot of people are seeing 40% and almost double. Let it ride, set your alert and just know when to jump if needed Link to comment Share on other sites More sharing options...
NickTheGreek Posted May 13, 2020 Share Posted May 13, 2020 (edited) Regarding my TFSA issue of hoping to jump on purchasing other stocks within it, here's my exact scenario: I'm at my max contribution ($69.5K) With VTIQ and a few other stocks in the TFSA account, I have gains as of right now (so my account is reasonably above the $69.5K as of this moment) Let's say for example I wanted to sell off some VTIQ (or something else), could I still purchase another stock (basically swapping in and out) and still be abiding by the TFSA rules? If I had contribution room, this is a moot point, I'd just purchase up to my max ceiling of 69.5k, but since I already maxed out, am I now relegated to waiting until next year to go in another 6k? I could obviously just purchase stocks through the margin account but who wants to pay tax on gains right. I mean, let's say VTIQ was losing a bunch of money, I'd obviously want to get out of that stock and move in to something different. One must think that TFSA accounts allow for this, so perhaps gains and losses don't affect the contribution room? Sorry for bringing this up a few times. I'm a confused soul Go Canucks Go! Edited May 13, 2020 by NickTheGreek Link to comment Share on other sites More sharing options...
Lancaster Posted May 13, 2020 Share Posted May 13, 2020 2 minutes ago, NickTheGreek said: Regarding my TFSA issue of hoping to jump on purchasing other stocks within it, here's my exact scenario: I'm at my max contribution ($69.5K) With VTIQ and a few other stocks in the TFSA account, I have gains as of right now (so my account is reasonably about the $69.5K as of this moment) Let's say for example I wanted to sell off some VTIQ (or something else), could I still purchase another stock (basically swapping in and out) and still be abiding by the TFSA rules? If I had contribution room, this is a moot point, I'd just purchase up to my max ceiling of 69.5k, but since I already maxed out, am I now relegated to waiting until next year to go in another 6k? I could obviously just purchase stocks through the margin account but who wants to pay tax on gains right. I mean, let's say VTIQ was losing a bunch of money, I'd obviously want to get out of that stock and move in to something different. One must think that TFSA accounts allow for this, so perhaps gains and losses don't affect the contribution room? Sorry for bringing this up a few times. I'm a confused soul Go Canucks Go! The value within your TFSA doesn't relate to contribution space. Contribution room is just the amount of money you can deposit into the account. You can more or less do whatever you want within a TFSA. It's just the same as any investment account, except it just happens to be tax-free and has a limit on how much new money you can put in per year. I work in a financial firm, so I see many clients with TFSA accounts that are 7-figures. Link to comment Share on other sites More sharing options...
wildwood12 Posted May 13, 2020 Share Posted May 13, 2020 Stock market going .....down....down ....down. Link to comment Share on other sites More sharing options...
Warhippy Posted May 13, 2020 Share Posted May 13, 2020 3 minutes ago, wildwood12 said: Stock market going .....down....down ....down. Good. I need some people to be scared and dump so I can buy in to a few things. Link to comment Share on other sites More sharing options...
wildwood12 Posted May 13, 2020 Share Posted May 13, 2020 5 minutes ago, Warhippy said: Good. I need some people to be scared and dump so I can buy in to a few things. Do you think we will see a retest of the 52 week low In the Dow. Link to comment Share on other sites More sharing options...
Warhippy Posted May 13, 2020 Share Posted May 13, 2020 3 minutes ago, wildwood12 said: Do you think we will see a retest of the 52 week low In the Dow. I couldn't begin to tell you as I have no idea. NOTHING in the markets since early March has made any sense to me. The numbers do not line up at all, it's like the real world and the markets are living in different realities. I could say yes, but then at the same time the US is planning a potential $3 trillion stimulus which will only supercharge things again for a short time so who even knows Link to comment Share on other sites More sharing options...
wildwood12 Posted May 13, 2020 Share Posted May 13, 2020 1 minute ago, Warhippy said: I couldn't begin to tell you as I have no idea. NOTHING in the markets since early March has made any sense to me. The numbers do not line up at all, it's like the real world and the markets are living in different realities. I could say yes, but then at the same time the US is planning a potential $3 trillion stimulus which will only supercharge things again for a short time so who even knows Yes I totally agree with what you say. The market is behaving in an illogical way. Link to comment Share on other sites More sharing options...
NucksPatsFan Posted May 13, 2020 Share Posted May 13, 2020 Pumping and dumping starts. Here’s where we separate the n00bs from the long term thinkers. 1 Link to comment Share on other sites More sharing options...
NucksPatsFan Posted May 13, 2020 Share Posted May 13, 2020 1 hour ago, Sp3nny said: I don't know what makes me more stupid, staying in right now up 89%, or getting out before this thing has a real chance to take off. Granted, I have a fairly small position overall, but still. I’m up over 110% and am staying in through pumping and dumping, news of merger delay etc. Link to comment Share on other sites More sharing options...
Sp3nny Posted May 13, 2020 Share Posted May 13, 2020 1 minute ago, NucksPatsFan said: I’m up over 110% and am staying in through pumping and dumping, news of merger delay etc. That is my thinking as well, its just hard to not take the profits when they are staring you in the face... Link to comment Share on other sites More sharing options...
I.Am.Ironman Posted May 13, 2020 Share Posted May 13, 2020 12 minutes ago, Sp3nny said: That is my thinking as well, its just hard to not take the profits when they are staring you in the face... Im staying in as well. though i wish I sold at 34 and re bought at 27. but long term for me. stay the course Link to comment Share on other sites More sharing options...
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