/biz/ - Business & Finance

Hello fellow canuck I use WealthSimple Trade to trade penny stocks. But you can get pretty much everything on there, just need to link your bank account and provide some basic info.

>>19233036
Hey brother, I made a WealthSimple account recently but what do I do about taxes? That's my main concern.

Get a tfsa account at interactive brokers and pay almost no commission and no taxes. Thank me later.

>>19233207
You can trade out of a TFSA

You only pay taxes when you sell your stock then you claim the gain or loss, unless its in a tfsa.

>>19233236
How do I avoid paying taxes with a TSFA?

>>19233005
>>19233236
This. I bought into ACB when it was at 8 dollars and Im laughing looking at futures. It just dipped to 17 after a massive rally of going up to about 26.

https://seekingalpha.com/news/3576536-aurora-cannabis-entering-u-s-market-acquisition-shares-up-19

Saw this. Checked futures. Up 24%. I just put another 650 into them to watch it skyrocket. Think Im gonna pull out the 41 when it peaks tomorrow or put on my big boy panties and ride this fucker all the way up.

>>19233274
I see. What happens when it's in a TSFA?

>>19233313
Wizards enchant it at the bank against Gov't saving rolls. Gives it +20 Agi and Str

Shits magic to me so I'm just gonna talk to a accountant to help me with it later.

>>19233036
No options tho

>>19233005
use a TFSA lol

aka TAX FREE SAVINGS ACCOUNT

>>19233296
put canadian stuff in it
>>19233313
cra ignores it

>>19233383
This seems good for retards like myself who are more likely to ruin themselves. I can drive a car, but I sure as shit can't drive in F1.

>>19233411
>put canadian stuff in it
wait hold on. what if i bought american companies that trade on the TSE

>>19233303
Fuck this fucking company

>Dilute shares
>Dilute shares
>Dilute shares
>CEO quits
>Dilute shares
>CEO quits
>Stock under $1 risk of delisting
>Consolidate shares 12-for-1

What a fucking scam

>>19233411
So buy stocks in a TSFA? What do I do when I want to sell? Why not just buy them in a regular account?

The only thing you should be investing in in Canada is an degree that lets you immigrate to the United States or an American wife. Don't waste your time using your weak currency on TSX dogshit. Make an investment that actually counts.

>>19233490
I'm gonna get a VR set with my gains.

I still don't get it

>>19233458
if it's listed in toronto you're good
if it's not, there can be withholding taxes from the country where it trades
>>19233551
buy stocks in tfsa
sell stocks for gain
get to keep 100% of the capital gain instead of including 50% of it on your taxes

>>19233005
>How do i buy stock in Canada
Through a broker like Questrade, wealthsimple, etc
>Tax responsibilities
You need to declare gains or losses on the proceeds on the sale of the stock. (Business income/loss if you are day trading/frequent trading. Capital gains if you are holding the stock for 1 year or more)
>RRSP
a registered account is not taxed when you put the funds in the plan, so it's deducted from your income, but will be taxed once you withdraw at your marginal tax rate.
>Dividend stock
Dividend is a source of income, so it will be taxed at your marginal tax rate.

Don't listen to me, I'm just a link holder

>>19233551
I'll give you a for dummies from what I've learned in the last week. So definitely ignore half of what I'm posting because it's probably retarded. Obviously buy low sell high hurr durr.

But I learned what stop limits and sell limits were pretty quick. With a stop limit when you want to sell. Say you have 100 shares in ACB. I put a stop limit on it after it went over 20 dollars and set it for 15. If it ever hits 15 or is in the process, it will sell for an absolute of 15, I think.

This allows you to forget stocks and set a desired minimum you want to walk away with. I'm basically allowing for a minimum of a 25% loss of profit, anytime you buy in you are basically expecting to well or lose money.

I've thrown 3k all over the place. Ive got about 1k invested in weed, about 250 in a gold mining company thats starting up pouring in Sept, and the rest I sprinkled into Airlines and Restaurants. All of which except for weed and NVAX are doing poorly right now. So I have no limits on them. I expect them to wash around for months until Corona-Chan finally gets off the rag.

A tfsa just means you don't have to pay any taxes on your gains for the instant I believe. Pretty sure the Gov't is gonna get a slice of your income no matter how you try to dodge it.

I go through TD. The software that comes with having an account is a major plus for understanding what the fuck you're looking at but its very overwhelming at first. Just don't be a retard and you should be fine.

Don't all in a company. Don't all in your rent. I'm only using money I'm not afraid to lose since I have a job and work is picking up again. Good luck.

>>19234018
>Dividend is a source of income, so it will be taxed at your marginal tax rate.
no, a dividend is capital gain, companies can cut dividends to 0 at any time
but there's stuff like the dividend top up and then tax credit that makes it more complicated


>Don't listen to me, I'm just a link holder
good advice

>>19233551
The gains/losses on your investment are not taxed in a TFSA, this means if you lose money, you can declare a loss, but also means if you make a gain you don't have to pay any taxes on it.
The govt gives you a set amount room to contribute to a TFSA, if you exceed that amount it will be taxed.
When you sell the stock in a TFSA, you don't need to report it, but your broker will submit a report to the CRA.

>>19234102
Go to school.

>>19233005
>canada
hahahaha

>>19234328
you end up with effectively the same rate as a capital gain after
>However, the amount earned through a dividend is “grossed-up” by 145% in what’s called the enhanced dividend tax credit. After that, a tax credit of eleven eighteenths of this “gross-up” is applied to the investor’s income.