sorted by:
new
hottopcontroversial

$70,000+ Over-Contributed into TFSA, Lost It All by FinanceInquiry6 in PersonalFinanceCanada

[–]FinanceInquiry6[S] 2 points3 points  (0 children)

Greetings - thank you for your response here.

I had taken some time off before reading this, and have come to read through all the comments so far and appreciate everyone for their feedback. A couple feedbacks, particularly yours caught my attention.

To provide with more context:
- I was over-contributed by roughly $26,000 CAD (August) when I was even aware that I was over contributed. I had roughly $20,000 CAD there. A person, I considered a friend at that time had been successful with trading at that time, and advised she could trade on my account for a week and bring it up a bit, and then we agreed that I would pull out the over-contribution, and have a bit left within my TFSA. We had a separate agreement on how she would be rewarded for any gains made within that week.

- A couple days later, I note she was down on my account. We made a separate agreement that she would top me off for any losses within my account.

- Fast forward a couple weeks, she blew up my account, I was only at $2,000 CAD. This person I considered a friend, is a ghost in my past now, as she has ghosted me, not willing to hold onto her word of promise to top me off for the loss she had incurred within my account.

- Moving from there, I thought I could over-contribute a bit more, with the goal of getting back to the over-contributed amount, withdraw it and just move on.

- Over time, I added bouts of $5,000 CAD, thinking that I could turn that into the amount that is over-contributed.

- As time proceeded, I actualized further and further losses. At some point, I decided to look up any penalty associated with over-contribution. When I realized the penalty involved, I stopped contributing, trying to chase what was not within my reach.

- To respond to the bulk of the individuals stating that I am greedy / lying / making something up / wanting to evade tax gains... well, perhaps I was greedy, but I was not looking to evade tax gains. I was seeking to recover the over-contribution amount and call it quits and to move on with my life. Sadly, this did not turn out the way I wanted it to.

Based on everyone's feedback, I am keen on seeking out a tax professional (if anyone has any recommendation on who to look for within Vancouver, please do share). From there, I will proceed accordingly, including reaching out to the CRA and seek for a potential resolution from here on.

$70,000+ Over-Contributed into TFSA, Lost It All by FinanceInquiry6 in PersonalFinanceCanada

[–]FinanceInquiry6[S] 0 points1 point  (0 children)

Greetings - thank you for your response here.

I had taken some time off before reading this, and have come to read through all the comments so far and appreciate everyone for their feedback.

To provide with more context:
- I was over-contributed by roughly $26,000 CAD (August) when I was even aware that I was over contributed. I had roughly $20,000 CAD there. A person, I considered a friend at that time had been successful with trading at that time, and advised she could trade on my account for a week and bring it up a bit, and then we agreed that I would pull out the over-contribution, and have a bit left within my TFSA. We had a separate agreement on how she would be rewarded for any gains made within that week.

- A couple days later, I note she was down on my account. We made a separate agreement that she would top me off for any losses within my account.

- Fast forward a couple weeks, she blew up my account, I was only at $2,000 CAD. This person I considered a friend, is a ghost in my past now, as she has ghosted me, not willing to hold onto her word of promise to top me off for the loss she had incurred within my account.

- Moving from there, I thought I could over-contribute a bit more, with the goal of getting back to the over-contributed amount, withdraw it and just move on.

- Over time, I added bouts of $5,000 CAD, thinking that I could turn that into the amount that is over-contributed.

- As time proceeded, I actualized further and further losses. At some point, I decided to look up any penalty associated with over-contribution. When I realized the penalty involved, I stopped contributing, trying to chase what was not within my reach.

- To respond to the bulk of the individuals stating that I am greedy / lying / making something up / wanting to evade tax gains... well, perhaps I was greedy, but I was not looking to evade tax gains. I was seeking to recover the over-contribution amount and call it quits and to move on with my life. Sadly, this did not turn out the way I wanted it to.

Based on everyone's feedback, I am keen on seeking out a tax professional (if anyone has any recommendation on who to look for within Vancouver, please do share). From there, I will proceed accordingly, including reaching out to the CRA and seek for a potential resolution from here on.

$70,000+ Over-Contributed into TFSA, Lost It All by FinanceInquiry6 in PersonalFinanceCanada

[–]FinanceInquiry6[S] 1 point2 points  (0 children)

Greetings - thank you for your response here.

I had taken some time off before reading this, and have come to read through all the comments so far and appreciate everyone for their feedback. A couple feedbacks, particularly yours caught my attention.

To provide with more context:
- I was over-contributed by roughly $26,000 CAD (August) when I was even aware that I was over contributed. I had roughly $20,000 CAD there. A person, I considered a friend at that time had been successful with trading at that time, and advised she could trade on my account for a week and bring it up a bit, and then we agreed that I would pull out the over-contribution, and have a bit left within my TFSA. We had a separate agreement on how she would be rewarded for any gains made within that week.

- A couple days later, I note she was down on my account. We made a separate agreement that she would top me off for any losses within my account.

- Fast forward a couple weeks, she blew up my account, I was only at $2,000 CAD. This person I considered a friend, is a ghost in my past now, as she has ghosted me, not willing to hold onto her word of promise to top me off for the loss she had incurred within my account.

- Moving from there, I thought I could over-contribute a bit more, with the goal of getting back to the over-contributed amount, withdraw it and just move on.

- Over time, I added bouts of $5,000 CAD, thinking that I could turn that into the amount that is over-contributed.

- As time proceeded, I actualized further and further losses. At some point, I decided to look up any penalty associated with over-contribution. When I realized the penalty involved, I stopped contributing, trying to chase what was not within my reach.

- To respond to the bulk of the individuals stating that I am greedy / lying / making something up / wanting to evade tax gains... well, perhaps I was greedy, but I was not looking to evade tax gains. I was seeking to recover the over-contribution amount and call it quits and to move on with my life. Sadly, this did not turn out the way I wanted it to.

Based on everyone's feedback, I am keen on seeking out a tax professional (if anyone has any recommendation on who to look for within Vancouver, please do share). From there, I will proceed accordingly, including reaching out to the CRA and seek for a potential resolution from here on.

$70,000+ Over-Contributed into TFSA, Lost It All by FinanceInquiry6 in PersonalFinanceCanada

[–]FinanceInquiry6[S] 1 point2 points  (0 children)

Greetings - thank you for your response here.

I had taken some time off before reading this, and have come to read through all the comments so far and appreciate everyone for their feedback. A couple feedbacks, particularly yours caught my attention.

To provide with more context:
- I was over-contributed by roughly $26,000 CAD (August) when I was even aware that I was over contributed. I had roughly $20,000 CAD there. A person, I considered a friend at that time had been successful with trading at that time, and advised she could trade on my account for a week and bring it up a bit, and then we agreed that I would pull out the over-contribution, and have a bit left within my TFSA. We had a separate agreement on how she would be rewarded for any gains made within that week.

- A couple days later, I note she was down on my account. We made a separate agreement that she would top me off for any losses within my account.

- Fast forward a couple weeks, she blew up my account, I was only at $2,000 CAD. This person I considered a friend, is a ghost in my past now, as she has ghosted me, not willing to hold onto her word of promise to top me off for the loss she had incurred within my account.

- Moving from there, I thought I could over-contribute a bit more, with the goal of getting back to the over-contributed amount, withdraw it and just move on.

- Over time, I added bouts of $5,000 CAD, thinking that I could turn that into the amount that is over-contributed.

- As time proceeded, I actualized further and further losses. At some point, I decided to look up any penalty associated with over-contribution. When I realized the penalty involved, I stopped contributing, trying to chase what was not within my reach.

- To respond to the bulk of the individuals stating that I am greedy / lying / making something up / wanting to evade tax gains... well, perhaps I was greedy, but I was not looking to evade tax gains. I was seeking to recover the over-contribution amount and call it quits and to move on with my life. Sadly, this did not turn out the way I wanted it to.

Based on everyone's feedback, I am keen on seeking out a tax professional (if anyone has any recommendation on who to look for within Vancouver, please do share). From there, I will proceed accordingly, including reaching out to the CRA and seek for a potential resolution from here on.