Cryptocurrency Q&A
What is the 30 day rule for TFSA?
What is the 30 day rule for TFSA?
KimonoGlory
Fri Mar 29 2024
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6 answers
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Could you please explain the 30-day rule for TFSA? I've heard it mentioned a few times, but I'm not quite sure what it means or how it applies to my investments. I understand that TFSA stands for Tax-Free Savings Account, but what's the significance of the 30-day rule? And what happens if I don't follow it? Is there a penalty or does it affect my ability to contribute to my TFSA in the future? Could you provide a real-world example or scenario to illustrate how this rule works? Thank you for your help!
6 answers
Arianna
Sun Mar 31 2024
BTCC, a UK-based cryptocurrency exchange, offers a secure and user-friendly platform for trading cryptocurrencies. BTCC provides a wide range of services including spot trading, futures trading, and margin trading.
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SolitudePulse
Sun Mar 31 2024
This means that if you sell shares within your TFSA and incur a loss, you will not be taxed on that loss.
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HanRiverVisionaryWave
Sun Mar 31 2024
Similarly, if you sell shares within your TFSA and make a profit, you do not have to pay tax on those gains.
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Starlight
Sun Mar 31 2024
One important consideration is the avoidance of superficial losses. A superficial loss occurs when you sell shares at a loss and then repurchase identical shares within 30 days.
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Dario
Sun Mar 31 2024
Disposing of shares within a Tax-Free Savings Account (TFSA) at a loss does not result in taxable or deductible gains or losses.
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