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TFSA over-contributions: How would the penalty apply in this scenario?

If my TFSA account is maxed and I want to transfer 5000 shares at $1.00 on August 2nd, 2011, and I was to sell the shares at $2.00 on January 3rd, 2012, would I have to pay tax on the gain plus 1% per ...
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How does the 1% penalty on TFSA transfers work? [Canada]

Update - clarification to potential penalty situations. The maximum annual contribution limit to a TFSA is $5000 per year. This makes it a good emergency fund vehicle. If I: transfer money out ...