I am in Canada with employer specific work permit, I have a temporary SIN number and I opened a direct investing and TFSA account from a bank. I did some long term and short term investing and gain some profit out of it. I just want to make sure that this won't hurt my work permit conditions since it is specific to an employer with a specific occupation. of course I am doing this with my own personal savings which is something around 50,000.
stock trading with employer specific work permit
- Thread starter amex
- Start date
Thanks that's really comforting to hear and make sure about it. I really appreciate it.
Did you have any problem trading with closed work permit? I am in the same situation now. Wondering you could help.
As long as it is your personal accounts and you are declaring all your capital gains/losses you are fine.
As other members mentioned it is fine and it doesn't matter if you are day trading or doing long-term investment as long as you do it for yourself in your personal account.
Please reply I want to know about that is this possible I can do day trading in Canada on specific work permit and there is any limit
TFSAs are designed to be a long-term investing structure. If you day trade in your TFSA then the CRA may interpret this as operating a business and tax you on your capital gains - https://www.thestar.com/business/2023/04/12/business-or-tax-free-savings-account-day-trader-who-ran-up-15k-to-617k-in-his-tfsa-ordered-to-pay-taxes.html
By virtue of operating a business, you may enter unchartered waters and be deemed to have breached your visa conditions if those conditions strictly entitled you to work which is what a closed-work permit entails.
If you're wanting to do day trading then stick to an unregistered account.
You're welcome to message me and donate a coffee to me because not even an investment adviser or immigration lawyer would know any of the above.
By virtue of operating a business, you may enter unchartered waters and be deemed to have breached your visa conditions if those conditions strictly entitled you to work which is what a closed-work permit entails.
If you're wanting to do day trading then stick to an unregistered account.
You're welcome to message me and donate a coffee to me because not even an investment adviser or immigration lawyer would know any of the above.
Not sure why - you're creating your fear in your head. You're a tax resident of Canada and are entitled to trade stocks in an unregistered account, earn interest, buy certain types of housing etc.