Would appreciate if anyone could shed some light on a few questions,

1 : I am currently waiting to be approved for a "cash" account with TD (canada) , for that account it is or isn't a TFSA? it doesn't say just that its a cash account. So if not a TFSA its taxable ? Is there a limit to cash accounts on how much can be put in ?

2 : For accounts where they are taxable via capital gains tax how exactly does that work, for instance if im trading stocks how would i figure out the gains on it, is it with every trade i make that there would be cap gains tax on it? Do i have to keep track of that stuff myself or is it recorded so i can figure it out at the end of the year ( or pay someone to do it )
How would taxes be applied when day or monthly trading in a cash account ?

Any useful information / resources would be great, thanks

Lot of these questions would probably be best answered by the broker or whoever you used to open an account tbh.

For taxes typically they will send you a tax form shortly after the new year referencing all your trades, gains (or losses), dividends etc that you did the previous year. Then you will take that form along with your other tax information and file it all together. So in short, no you don’t need to track it.

For question one. If it's a TFSA your contribution limit is restricted based on your age. If it's not a registered account (TFSA or RRSP) it has no limit.

For question two I'll link you an article, it has everything you need.
http://www.lostlooniesinvesting.com/back-to-money-basics-pt-3-taxation-basics-capital-gains-losses/

If you have questions after reading that article post them and I'll answer if I can.

This post was edited by SBD on Feb 2 2021 11:11pm

thanks bro