If your retired person who worked as a Janitor for 30 years with no public or corporate pension plan ( remember pension plans do actively trade stocks ).  So if this retired Janitor buys bank stock A at $50 and it runs to $100 and he sells it after 1 year, then he buys Food stock B at $50 which  drops to $25 so he sells it after 4 months , then he buys Consumer stock C at $50 and it becomes a takeover at $300 after 9 months this is not day trading . This is a retired person who has a relative knowledge of the market with no corporate or public pension plan, saving for his on going retirement and does not have the advantage of the wealthy to hire a High networth Financial advisor .... CRA keep it simple , if some how your a business and are using the TFSA as part of your business but not your retirement I can understand that....sounds like CRA has found a $75M tax grab ...anybody remember the horrible unproven 2006 Income Trust decision.  Have CRA determine what securities can be bot.