jonzobot - Yes, Zenith has done the CRA filings to be a public company so you are allowed to own their shares within your TFSA. That is why the spinout shares are fine there. In-kind transfer of Zenith shares into your TFSA is much murkier. That is why some brokerages will and some won't do it. The question is what will CRA accept as Fair Market Value for the transfer. Some probably look at it that CRA will accept an OTC price and others feel they won't so protect you by not allowing it. Maybe some that do allow it just feel that is between you and the CRA and it probably is so they don't care. If you have transferred some, you will find out what the CRA accepts when you sell. They don't often like to answer questions like that ahead of time. Below is a link to a Canada Finance list of Designated Stock Exchanges. You can decide for yourself if the OTC price gives you Fair Market Value so that CRA will except the price you transferred at or pick their own price. If they pick their own price and it is much higher, you stand a good chance that you contributed way more to you TFSA than allowed which probably would bring in penalties and interest.Everyone has to decide for themselves or whether to trust that their brokerage is protecting them. Many on this Board said they had trouble talking their broker into it but eventually did. There is a hint that they didn't think you should but left it up to you.

https://www.canada.ca/en/department-finance/services/designated-stock-exchanges.html