When asked to confirm the tax consequences related to speculative trading activities carried out in a tax-free savings account, CRA stated.
A trust governed by an RRSP or TFSA that carries on a business will have tax payable under Part I of the Act on its taxable income from carrying on the business. … This trust will be eligible for the deduction under paragraph 104(6)(b) only to the extent that it has amounts of income that have become payable to a beneficiary. … Subsection 150(3) specifies that every agent or other person administering, managing, winding up, controlling or otherwise dealing with the property, business, estate or income of a person who has not filed a return for a taxation year shall file a return in prescribed form of that person’s income for that year.