Big brain or Small brain TFSA move?

Let’s say theoretically I go to the bank and get a small loan of 1 million dollars. Then I put it all in my TFSA. so now I’m sitting at 1mil over. From my understanding there is only a 1% fee every month on the amount you are over on your TFSA. I then put all 1mil into a covered call ETF priced at $10 a share. paying for example 30% dividend annually. So in 1 year I make 300k from it just in dividends. Pay my 12% in tfsa fees and whatever fees the ETF carry’s, and while I’m waiting for a year to go by I would be paying back the loan. But after the year I sell my shares and return the loan to the bank. I tried discussing my idea with the lady at the bank but she looked at me like I was insane. I guess what I’m asking is this even possible, or would it be considered tax fraud? I realize my math might not be accurate but it’s all for the sake of the idea let me know if I have missed anything?   submitted by   /u/BeautyInTheBr3akd0wn [link]   [comments]

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