An investment adviser who was day-trading stocks through his tax-free savings account was running a business and needs to pay taxes on the profits, a federal tax court judge has ruled.
According to court documents, Vancouver-based investment adviser Fareed Ahamed invested $15,000 over three years in his TFSA, and by the end of the third year, the value of the account had ballooned to $617,371.24.
,” said Spiro “there can be no doubt that the Appellant carried on a business of trading qualified investments for each of the taxation years at issue.” “There aren’t many people who are actively trading single stocks through their TFSAs, and most of the ones who do are losing money,” said Dan Hallett, vice president of research at HighView Financial Group, an investment advisory firm.
“It’s a very aggressive strategy,” said Pulla. “He hit the jackpot. The odds of hitting the jackpot are slim, so it’s really tough to say. If I were to go do this and not have the knowledge about investments, am I going to be that lucky? I don’t know.”
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