the most important factor in transferring shares ZCC into a TFSA is to deal with the price fairly at the time of transfer. Once you do that a review after the fact by the CRA can disagree but there should be no penalties as you acted in good faith.

Certainly brokers had to be persuaded first that the shares qualified. That was difficult at the start back when ZCC was set up back in 2013 but i was able to persuade my broker with the documentation especially that ZCC elected to be treated as a public company by CRA.

the next hurdle was what were the shares worth - fortunately for me nobody injected more capital at that time and I was able to be treated fairly by my broker accepting the reasonable view that there was no market and the value indicated for the transaction was a reasonable one and it was in fact used for the transfer to my TFSA.

I am very happy that the transfer was done before shares were distributed to large shareholders who contributed $2.00 USD recently. Although my broker shows a value on the shares as $0.927 which i believe to be some USD value converted to CDN.

I suggest using a value which is as low a figure as your broker will accept and not waiting till the company becomes listed on a market at which time I believe the benrfit of the medication will be recognized and the value will shoot up tremendously and the main benefit of a TFSA will essentially not be there anymore.

That all assumes that BoM succeeds and the rising tide carries all boats including ZEN.

In the bad scenario that BoM does not succeed then the fact that a loss is not deductable when it occurs in a TFSA is just a fact of life that would have to be accepted.