It only took about five minutes to run all off April's trades to come up with an average option price.
$2.62.
Well, a little higher than my $2.00 guesstimate. Some of the trades were over $6 so I would feel comfortable running a minimum trade size for all trades below, say... $4. There were 14 above $4 out of 108 trades so about 10% may be one contract less.
Even at $2.62 per considering that I want to trade 5 contract minimums I would only have to add about $6,000 to my TFSA to meet my requirement. This puts me about three months ahead of schedule on my cashflow plan as well.
Considering the CRA fees against the added profit potential makes this a no brainer. I figure that I will have to come good for the taxation and penalty next spring... That is almost 12 full months of trading and I fully plan to withdraw the equivalent amount, $6K, to halt the accumulation of penalties quickly. In fact, based on April's trading that could be covered in the first month.
Tomorrow I will call my accountant to see if he has any insights for me though.
Jeff.
Questrade, My direct access discount broker.
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