Just spoke to Canada Revenue and here are the two main points that I addressed.

# 1. - As I posted earlier from what TD told me, if you go over your TFSA limit, you will be penalized at 1% per month AND any amount over the limit will be subject to Capital Gains tax, if triggered by a sale on the over-amount, until you are back under the limit of $5,000. I asked how the heck they could trace all this if someone was a day-trader, with several transactions in a day, possibly in his/her TFSA account. She said, "Vee Haff Vays of Finding Out". We laughed. But seriously, she did say that an audit could be conducted at any time (not necessarily on a day-trader, going over the TFSA limit, but I assumed that).

# 2. - IF you sell say, $2,000 from your TFSA and it's market value is $20,000, great. But then you have $2,000 left on your TFSA. Not the $20,000 that you got from selling the $2,000 worth of stock in your TFSA. This is what I was told.

Any questions, please PM me, so that we keep this off the main board during trading hours. Thank you.

strato