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When it comes to taxes, the Canadian investor has no better friend than a tax-free savings account (TFSA). Letting you shelter your gains and dividends from taxation, while inside the account on withdrawal, the TFSA can boost your after-tax returns. That’s not to say that TFSAs are always completely tax-free however. You do pay withholding taxes on foreign dividend stocks in a TFSA, for example. Additionally, there are specific scenarios where you can end up paying taxes to the CRA – specifically when you violate the TFSA account rules. In this article, I will explore three TFSA red flags that the CRA is keeping a close eye on, that you should never allow yourself to be exposed to. Excessive contributions Contributing is the most obvious TFSA red flag that the CRA keeps a close watch on. Every investor has accumulated a certain amount of contribution room. The formula is amount of room added in each year in which you were eligible to open an account, minus past contributions. If you contribute more than this amount, then you could wind up getting taxed for excessive contributions. A common TFSA contribution room misconception is that total contribution room is the same for everybody. The mistake people make here is conflating the amount of contribution room accumulated since the TFSA launched, with contribution room. Only those who were 18 or older in 2009 get the TFSA program’s lifetime accumulated amount, which is $102,000 for 2025. If you were 17 or younger in 2009, you have less lifetime accumulated room than that. Unapproved investments A second ‘red flag’ category the CRA keeps a close eye on is unapproved investments. There are a few of these, most of them involving holding shares in a company you control in a TFSA. If you create securities representing ownership in your small business and deposit them into your TFSA, you will be taxed. The CRA does not regard such shareholdings as investments but as business assets. Fortunately, 90% of Canadians are not at risk of ever falling into the unapproved investment trap. If you’re a business owner, you might want to keep it in mind. Day trading Last but not least, we have full-time day trading. If you day trade full time and realize huge profits by doing so, the CRA will tax you as a business, even if you conducted your trades in a TFSA. There is a bit of a grey area when it comes to defining day trading, but suffice it to say, if you trade full time, earn a full-time living, and use specialized software in your trading, the CRA will probably consider you a business. It’s better to hold in your TFSA long term than to day trade in it. Such funds are usually considered legitimate TFSA holdings. Consider ( ), for example. It’s a Canadian index fund built on U.S. stocks. Specifically, it is built on the S&P 500, the world’s most followed stock market index. The fund has 500 or so stocks, which provide it with considerable diversification. It has a low management fee (0.08%), which means it is fairly cheap. Finally, the fund is liquid and widely traded, which results in low trade execution costs. Overall, it’s an asset worth holding, and it is 100% approved for your TFSA.
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BUCHAREST, Romania — Romanians are casting ballots on Sunday in the first round of a presidential election that could pit a far-right nationalist against the incumbent leftist prime minister in the runoff. Thirteen candidates are vying for the presidency in the European Union and NATO member country, and the vote is expected to go to a second round on Dec. 8. Polls opened at 7.00 a.m. local time (0500GMT) and will close at 9.00 p.m. (1900GMT). Romanians abroad have been able to vote since Friday. The final vote could see George Simion, the leader of the far-right Alliance for the Unity of Romanians, or AUR, face off against incumbent Prime Minister Marcel Ciolacu, backed by Romania’s largest party, the Social Democratic Party or PSD. The presidential role carries a five-year term and has significant decision-making powers in areas such as national security, foreign policy, and judicial appointments. Romania will also hold parliamentary elections on Dec. 1 that will determine the country’s next government and prime minister. Simion, 38, is a vocal supporter of US President-elect Donald Trump and has long been a controversial figure. He campaigned for reunification with Moldova, which this year renewed a five-year ban on him entering the country over security concerns, and he is banned for the same reason from entering neighboring Ukraine. “I would like that in the next five to 10 years, for Romanians to be really proud to be Romanians, to promote Romanian culture, Romanian products,” he told reporters on Wednesday in the capital, Bucharest. “As a Romanian president, I will promote Romanian interests. In most cases, Romanian interests coincide with partner interests.” Cristian Andrei, a political consultant based in Bucharest, says Sunday’s vote will be “a tight race” in which the diaspora will likely play a key role in which candidates make it to the runoff. “We are at a point where Romania can easily divert or slip toward a populist regime because (voter) dissatisfaction is pretty large among a lot of people from all social strata,” he told The Associated Press. “And the temptation for any regime, any leader — will be to go on a populist road.” He added that Romania’s large budget deficit, high inflation, and an economic slowdown could push more mainstream candidates to shift toward populist stances amid widespread dissatisfaction. Ciolacu told the AP that if he is elected, one of his biggest goals is “to convince Romanians that it is worth staying at home or returning” to Romania, which has a massive diaspora spread throughout EU countries. “Romania has a huge chance to become a developed economy in the next 10 years, where honest work is fairly rewarded and people have the security of a better life,” he said. “But for this, we need balance and responsibility ... I am running for the Presidency of Romania because we need a change.” Other key candidates include Elena Lasconi of the Save Romania Union party, or USR; former NATO deputy general secretary Mircea Geoana, who is running independently; and Nicolae Ciuca, a former army general and head of the center-right National Liberal Party, which is currently in a tense coalition with the PSD. Geoana, a former foreign minister and ambassador to the United States, told the AP that he believes his international experience qualifies him above the other candidates. “I think I bring a lot of competence and experience and connections in this complicated world,” he said. Lasconi, a former journalist and the leader of USR, said she sees corruption as one of the biggest problems Romania faces and that she supports increased defense spending and continued aid to Ukraine. Romania has been a staunch ally of war-torn Ukraine since Russia launched a full-scale invasion in February 2022. But Simion of the AUR party said he opposes Romania—which has sent a Patriot missile system to Ukraine—contributing further military aid and that he hopes Trump can “stop the war.” In 2020, the AUR party went from relative obscurity to gaining 9% in a parliamentary vote, allowing it to enter parliament. Opponents have long accused Simion and AUR of being extremists, charges he denies. “We are sort of a Trumpist party in this new wave of patriotic political parties in Europe,” Simion said. Image credits: AP/Vadim Ghirda
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J&K: Omar govt facing quota, power, unemployment challengesThe Indian Space Research Organisation (ISRO) is poised to launch its final mission of the year, dubbed the Space Docking Experiment (SpaDeX), on Monday night. The mission, scheduled for a precise liftoff at 10:00:15 pm, will launch from the Satish Dhawan Space Centre in Sriharikota, Andhra Pradesh. ISRO announced that the PSLV-C60 rocket, along with innovative payloads, will propel SpaDeX into space. The mission marks a significant step forward in establishing India's indigenous capabilities in orbital docking, a technology crucial for future human spaceflights and satellite servicing missions. The SpaDeX mission primarily aims to demonstrate the technology needed for the rendezvous, docking, and undocking of two small spacecraft, SDX01 and SDX02, in a low-Earth orbit. The mission involves the application of advanced GNSS systems and innovative processors to ensure precision maneuvers essential for successful docking operations. (With inputs from agencies.)