Quote:
Originally Posted by stampsx2
Tax question:
I’m an amateur when it comes to stocks and even the word amateur would be an understatement.
I had a tax question if anyone could answer: if i decide to buy a bunch of stocks and lucky me, i make $1000 on them. As far as i understand, if they are in a tfsa they will be tax free but if they are not then how much is the tax? Is it a capital gains tax that i pay or do i get taxed at my regular federal and provincial personal income tax rate with the $1000 getting added to my yearly income?
Anybody know?
|
If it’s non-registered and you have a gain of $1000, you pay taxes on half. It will be $500 x whatever your tax rate is.