I am wondering if anyone would be able to weigh in on some tax questions I have. I called the government, but not sure the person I was talking to gave me the correct info.

Question #1:

I have most of my CUU shares in my and my wife's TFSA accounts; however I also have a bunch in my cash account. Since I am way down from my book value, I was thinking of clearing my TFSA account before the new year, and having my TFSA re-set so that I could repurchase all of my shares into my TFSA at a lower book value meaning that I could squish all my shares into the TFSA accounts.

Ex
If my whole TFSA account was filled with CUU bought at an average of $1.00, I would have 25 500 shares in that account. If I sell all my shares before year end, Does my TFSA reset, so that in the new year I can buy, lets say, twice as many shares if the price was at $0.50? If I can do this I obviously would love to pack more of my shares into my TFSA account.

If this move would work, would this not be advisable for all CUU shareholders?

Question #2:

I had to sell some of my CUU shares about a month ago to pay some bills....They were sold at a large loss from my cash account. If I was to buy any of them back, in order for that loss to be considered a real loss, I need to wait 30 days, correct? Is this 30 days from the actual sale, or the settlement date? Can I buy back on the 30th day, or do I need to wait till the 31st day?

Thanks in advance to those with the tax knowledge to answer these!
Spitfire