u/kogpan

I am 26M in BC, and will graduate with a Bachelors degree in Computer Science in April 2027. I am a bit worried about job security in this field when I am older and have some interest in law as a pivot.

At this point, am I too old to further pursue law and is it even worth it. I can make it into fall 2027 admission for ubc most likely (90% cgpa & assume 165 lsat) but I am not sure if financially and career wise is it the right move. I am not sure what kind of salary I am even looking at as summer student/articling position and then as a full time first year, and progression from there. I'd be 30 by then likely and don't want to regret it.

Did anyone hear back the outcome of their half day interview assessments from around mid may. Its been over 2 weeks now and I haven't heard anything. Just wanna know yes or no.

So I would like to start day trading. Most likely will use wealthsimple platform, possibly IBKR if I become decent.... and makes sense to move over to a faster data feed platform.

So couple questions.

RRSP

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I heard that I can just go crazy in a RRSP in terms of day trading. Literally no rules to follow about number of trades except stick to qualified investments. I also dont need to file anything at all during yearly tax filing. Like no slips, adjusted cost base calculations....nothing. Just my deposits/withdrawals into RRSP. Gains are fully taxed upon withdrawal. I like this setup best since I don't have to do extra work come tax time.

TFSA

\---------

Currently in the habit of almost day trading in it buy my overall gains aren't that much so likely should not be an issue if I stop now. However I need to stop treating my TFSA like that. Hence my need for a better option to day trade. Keep my TFSA safe. For clarification, if someone is caught day trading in TFSA, do they pay taxes for just that fiscal year or going forward as well. I also heard penalties apply, I guess late filing and interest is included but anything else? Someone said overall financial dues to CRA if caught can be higher than your TFSA account value sometimes... scary...

Non-Registered

\-------------------------

Depending on how someone day trades in this account, gains can 50% taxed (capital gains) or 100% taxed (business income). But I have to keep meticulous records of each trade (buy/sell) and adjusted cost base tracking entries for everything as well. File a bunch t5008 at tax filing time. If I am making let's say 10 trades a day, that's a lot of tedious record keeping. I don't wanna have to worry about that to be honest. Mind you if the way I trade will be considered business income anyways, then might as well day trade in RRSP and skip the hassle of record keeping. Am I right?

So I just need your guys opinion on which setup makes sense for me.

I don't mind getting fully taxed on RRSP gains at withdrawal, at least initially, as long as I can do as many as trades as I want and not worry about all the extra work at tax filing time. Keeping meticulous records for each trade sounds like a nightmare for now. I might eventually switch to this method. But for anyone else serious day trader, they will likely fall into business income anyways, hence my earlier point.

Anyways, what do you guys think. Also, any day trading rules in Canada I need to know as well? I think I heard a couple things to keep in mind in terms of day trading rules but not fully sure.

**Kindly refrain from commenting stuff about not day trading as everyones loses their money etc etc. Trust me I know, and I get it. But I am doing it with money I am okay with losing. So please no unnecessary rants on this. Thanks**

So I would like to start day trading. Most likely will use wealthsimple platform, possibly IBKR if I become decent.... and makes sense to move over to a faster data feed platform.

So couple questions.

RRSP

\---------

I heard that I can just go crazy in a RRSP in terms of day trading. Literally no rules to follow about number of trades except stick to qualified investments. I also dont need to file anything at all during yearly tax filing. Like no slips, adjusted cost base calculations....nothing. Just my deposits/withdrawals into RRSP. Gains are fully taxed upon withdrawal. I like this setup best since I don't have to do extra work come tax time.

TFSA

\---------

Currently in the habit of almost day trading in it buy my overall gains aren't that much so likely should not be an issue if I stop now. However I need to stop treating my TFSA like that. Hence my need for a better option to day trade. Keep my TFSA safe. For clarification, if someone is caught day trading in TFSA, do they pay taxes for just that fiscal year or going forward as well. I also heard penalties apply, I guess late filing and interest is included but anything else? Someone said overall financial dues to CRA if caught can be higher than your TFSA account value sometimes... scary...

Non-Registered

\-------------------------

Depending on how someone day trades in this account, gains can 50% taxed (capital gains) or 100% taxed (business income). But I have to keep meticulous records of each trade (buy/sell) and adjusted cost base tracking entries for everything as well. File a bunch t5008 at tax filing time. If I am making let's say 10 trades a day, that's a lot of tedious record keeping. I don't wanna have to worry about that to be honest. Mind you if the way I trade will be considered business income anyways, then might as well day trade in RRSP and skip the hassle of record keeping. Am I right?

So I just need your guys opinion on which setup makes sense for me, or is there a less hassle free way to day trade.

I don't mind getting fully taxed on RRSP gains at withdrawal, at least initially, as long as I can do as many as trades as I want and not worry about all the extra work at tax filing time. Keeping meticulous records for each trade sounds like a nightmare for now. I might eventually switch to this method. But for anyone else serious day trader, they will likely fall into business income anyways, hence my earlier point.

Anyways, what do you guys think. Also, any day trading rules in Canada I need to know as well? I think I heard a couple things to keep in mind in terms of day trading rules but not fully sure.

**Kindly refrain from commenting stuff about not day trading as everyones loses their money etc etc. Trust me I know, and I get it. But I am doing it with money I am okay with losing. So please no unnecessary rants on this. Thanks**