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Can I replace a TFSA withdrawal in the same year?
Can I re-contribute my TFSA withdrawals?
Can I re-contribute to my TFSA in the same year?
Can I withdraw more than my TFSA contribution room?
Do I have to pay tax on TFSA contributions?
When can I re-contribute my TFSA contribution room?
If you decide to replace or re-contribute all or a part of your withdrawals into your TFSA in the same year, you can only do so if you have available TFSA contribution room. If you re-contribute but do not have contribution room, you will have over-contributed to your TFSA in the year.
Withdrawals will be added to your TFSA contribution room at the beginning of the following year. You can replace the amount of the withdrawal in the same year only if you have available TFSA contribution room. Direct transfers must be completed by your financial institution.
If you've withdrawn some of your TFSA contribution and would like to replace it in the same year, you can only do so if you have contribution room left.
Dec 20, 2023 · You can withdraw from your TFSA without losing contribution room, and recontribute withdrawn amounts in the following years. While TFSA withdrawals typically aren’t taxed, penalties might result if you over contribute or if a non-resident makes a deposit.
Although withdrawing from your TFSA has no effect on your contribution room in the year that you make the withdrawal, it does affect your contribution room for the following year. You can re-contribute any funds you’ve withdrawn from your TFSA back into your account starting the year after the year in which you make the withdrawal.
If you decide to replace or re-contribute all or a part of your withdrawals into your TFSA in the same year, you can only do so if you have available TFSA contribution room. If you re-contribute but do not have contribution room, you will have over-contributed to your TFSA in the year.
Jan 19, 2024 · Withdrawals from a TFSA can’t be contributed to another or the same TFSA in the same year. You must have unused TFSA contribution room before the amount can be re-contributed to your TFSA.
