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OT: Lets talk about stocks (Part 2)

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QuebecPride

QuebecPride

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May 4, 2010
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Sherbrooke, Québec
''Right, so what I was saying is it’s still a grey zone what qualifies for “day trading” in a tfsa, we don’t really have set guidelines established by the CRA. But yes, most do trades in their tfsa and will go away Scott free.''

I think I've only sold once in my TFSA and it was to move out of bonds in February, so I highly doubt the CRA goes after me for buying and holding. Even if you make a huge profit, if it's over a long period of time, it is the purpose of the Tax Free Savings Account. Of course, if you make 100k off of Gamestop in a month, maybe not.
 
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canucklover123

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Oct 22, 2013
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QuebecPride said:
''Right, so what I was saying is it’s still a grey zone what qualifies for “day trading” in a tfsa, we don’t really have set guidelines established by the CRA. But yes, most do trades in their tfsa and will go away Scott free.''

I think I've only sold once in my TFSA and it was to move out of bonds in February, so I highly doubt the CRA goes after me for buying and holding. Even if you make a huge profit, if it's over a long period of time, it is the purpose of the Tax Free Savings Account. Of course, if you make 100k off of Gamestop in a month, maybe not.
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No I wouldn’t see the CRA going after you either. The purpose of a TFSA is to hold long term investments. It’s an investment véhicule. To differentiate between investment and trading is the issue. A poster listed some factors and that’s all we have to go on.

like I mentioned, if you’re intent is to invest, you are not crossing lines. But a GME 100 k gain off a buy/flip in say a month, it’s hArd to argue your intent is to hold GME as an investment.

So atleast for me, what I do is, if I have pure speculation stocks I wanna win the lotto on and I have to flip for profit, I buy in a margin account. Again, not saying what others D0, because I work on many client portfolios where they trade in there tfsa and there ok. All depends on the mood of the CRA
 

LyricalLyricist

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Aug 21, 2007
37,909
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Montreal
canucklover123 said:
No I wouldn’t see the CRA going after you either. The purpose of a TFSA is to hold long term investments. It’s an investment véhicule. To differentiate between investment and trading is the issue. A poster listed some factors and that’s all we have to go on.

like I mentioned, if you’re intent is to invest, you are not crossing lines. But a GME 100 k gain off a buy/flip in say a month, it’s hArd to argue your intent is to hold GME as an investment.

So atleast for me, what I do is, if I have pure speculation stocks I wanna win the lotto on and I have to flip for profit, I buy in a margin account. Again, not saying what others D0, because I work on many client portfolios where they trade in there tfsa and there ok. All depends on the mood of the CRA
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So does CRA audit you ASAP or once you file your taxes?

Originally, I didn't know about the rule and may have been a little intense with trading lol
 

canucklover123

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Oct 22, 2013
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LyricalLyricist said:
So does CRA audit you ASAP or once you file your taxes?

Originally, I didn't know about the rule and may have been a little intense with trading lol
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I mean, it’s all based on pure luck lol. Most my clients who’ve done it don’t get audited. It’s really just shitty luck lol.

i guess the same as someone who might declare more costs that used on repairs. If you get lucky enough to be audited, all I can say is shit luck lol. I wouldn’t worry about it personally
 
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llamateizer

llamateizer

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Mar 16, 2007
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QuebecPride

QuebecPride

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May 4, 2010
7,993
2,431
Sherbrooke, Québec
DAChampion said:
Major crash in bitcoin, it's down about 15% from its peak.

I hope it recovers.
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The thing went up like seven fold in a year, it's only normal you see downside volatility... If you can't handle a 15% drop, you should not be investing in Bitcoin or Cryptos or you should be thinking about lowering your allocation to Cryptos to a bearable amount.
 
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DAChampion

DAChampion

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May 28, 2011
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QuebecPride said:
The thing went up like seven fold in a year, it's only normal you see downside volatility... If you can't handle a 15% drop, you should not be investing in Bitcoin or Cryptos or you should be thinking about lowering your allocation to Cryptos to a bearable amount.
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Dude chill I didn't say that I was having a heart attack.

Sometimes hyperbole is funny :)
 
Crusher117

Crusher117

Registered User
Feb 2, 2013
2,152
2,473
Montreal
canucklover123 said:
Anyone in CLOV? I bought some Friday hoping for some short squeeze magic tomororw
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What ever you do, if it blows up cuz of WSB. Make sure to profit take Wednesday or Thursday. Definitely been a pattern with WSB and pumps and dumps. They run from Monday to Wednesday then profit take and slow bleed starts until it goes back to the old price point.
 
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japhi

Registered User
Jul 7, 2014
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3,072
JC Tremblay said:
Not the same squeeze. Not sure how it will go.
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The large short positions were exited end of January. Citadel for instance took a 50% hit in Jan and actually recovered pretty strong in Feb. The stock went from over 100% short interest to half that, to 1/5 that today.

Still lots of short positions - of course, this is a 1B company with a 10B market cap. Reported short interest is around 20% so the folks calling for a second squeeze are relying on that data being manipulated. I'm not big into conspiracy theories.

Happy to be wrong on this. What data set are you using to predict a squeeze?
 
Scintillating10

Scintillating10

Registered User
Jun 15, 2012
19,052
8,602
Nova Scotia
japhi said:
The large short positions were exited end of January. Citadel for instance took a 50% hit in Jan and actually recovered pretty strong in Feb. The stock went from over 100% short interest to half that, to 1/5 that today.

Still lots of short positions - of course, this is a 1B company with a 10B market cap. Reported short interest is around 20% so the folks calling for a second squeeze are relying on that data being manipulated. I'm not big into conspiracy theories.

Happy to be wrong on this. What data set are you using to predict a squeeze?
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Going by Trey Trades on youtube. He is pretty sure. Check his videos out
 
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