Just a question...would it be better to transfer Zenith shares when an IPO is issued, and an SPP was set before they go on the market. This way a fair market value would be established. Seeing that the price of the shares is created with the IPO there would not be a capital gain tax liability seeing that the "fair value" set by Zenith does not represent  "fair market value." You would need the room in your TFSA however to allow the dollar value transfer.

To do it before an IPO establishes a fair market value would be taking a risk concerning a CRA audit mainly since Zenith shares in a PP recently sold for $2. The only consideration as I see it is not to transfer more than the allowable dollar value at the time of transfer. That would be the single argument CRA can argue, in the event of an audit.

https://www.zenithepigenetics.com/newsroom/news-releases.html?article=24

IMO....Koo