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CRA, in TFSA -> Types of investments says
So I kept on Googling and found TaxTips.ca - RRSP, RRIF, RESP and TFSA Qualified Investments which might be helpful, as it states
CRA wrote:Generally, the types of investments that will be permitted in a TFSA are the same as those permitted in a registered retirement savings plan (RRSP).
This would include:
• mutual funds;
• securities listed on a designated stock exchange;
• guaranteed investment certificates (GICs);
• bonds; and
• certain shares of small business corporations.
There is also extensive information in 2011 Budget - Questions and answers, which indicates
Taxtips.ca wrote:securities listed on a designated (formerly prescribed) stock exchange in Canada or other countries.
• Exception - futures contracts or other derivative instruments in respect of which the holder's risk of loss may exceed the holder's cost.
And finally, from someone who is a well known tax accountant, TFSAs: What qualifies as an investment in tax-free savings accounts?
The 2011 federal budget included several measures to enhance the existing RRSP and RRIF anti-avoidance rules.
Legislation to implement these measures was contained in Bill C-13, which received Royal Assent on December 15, 2011. The new rules largely adopt the existing TFSA rules for non-qualified investments, prohibited investments and advantages, with some modifications.
| Financial Post
Be careful out there!
Jamie Golombek wrote:The consequences of investing in a non-qualified investment inside your TFSA can be quite severe. First of all, there is an automatic penalty of 50% of the fair market value of the non-qualified investment in the year it is purchased by the TFSA.
Fortunately, as long as you can demonstrate that it was purchased inadvertently, this penalty can be refunded in the year the non-qualified investment is disposed of by the TFSA.