Also trading inside your TFSA, any losses you incur go against your contribution limit. For example, if you put $1000 into your TFSA and buy a stock, it goes down to $500 and you sell it,.. your TFSA contribution is still counted as $1000, you just lost $500 room.
But if you use a margin again doing the same thing, you can claim the $500 as capital losses for tax season, but you pay tax on anything you withdrawal.
I have 2 trading accounts,.. TFSA trading and RRSP trading
Which broker are you using to trade penny stocks with, if you don't mind me asking?
Do you have a recommendation?
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