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   Can I withdraw from my TFSA without losing contribution room?

   • You can withdraw from your TFSA without losing contribution room, and recontribute withdrawn amounts in the following years.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.

   A Guide to TFSA Withdrawal Rules and the Tax Implications

   turbotax.intuit.ca/tips/a-guide-to-tfsa-withdrawal-rules-and-the-tax-implications-16419

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   What happens if I withdraw money from my TFSA?

   • Any amount you withdraw from your TFSA gets added to your contribution room for the following calendar year, which can mean even more penalties the following year. For 2024, the contribution room is $7,000 (Details are available at Canada Revenue Agency’s site.)

   How to Deal With TFSA Over-Contributions - Wealthsimple

   www.wealthsimple.com/en-ca/learn/tfsa-over-contribution

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   How much can I withdraw from a TFSA?

   • No, for TFSAs, there’s no rule on how much you can withdraw. But remember that after you withdraw, you can only recontribute that amount the following year. Take your total contribution room into consideration when planning your withdrawal. When can I withdraw my money? You can withdraw from a TFSA at any time.

   TFSA withdrawal rules and limits - Canada Life

   www.canadalife.com/investing-saving/saving/tax-free-saving-account-tfsa/tfsa-withdrawal-rules-limits.html

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   Can I re-contribute to my TFSA in the same year?

   • 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.

   Making or replacing withdrawals from a TFSA - Canada.ca

   www.canada.ca/en/revenue-agency/services/tax/individuals/topics/tax-free-savings-account/making-replacing-withdrawals-a-tfsa.html

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   Can I replace a TFSA withdrawal in the same 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. Rules and restrictions on contributions, withdrawals and transfers from a TFSA.

   Contributions, withdrawals and transfers - Canada.ca

   www.canada.ca/en/revenue-agency/services/tax/individuals/topics/tax-free-savings-account/contributions-withdrawals-transfers.html

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   What happens if I exceed my TFSA contribution room?

   • The amount of money you can put into a TFSA every year is called the contribution room, and if you exceed your it, you’ll have to pay a penalty. Any amount you withdraw from your TFSA gets added to your contribution room for the following calendar year, which can mean even more penalties the following year.

   How to Deal With TFSA Over-Contributions - Wealthsimple

   www.wealthsimple.com/en-ca/learn/tfsa-over-contribution

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2. www.canada.ca › en › revenue-agencyMaking or replacing withdrawals from a TFSA - Canada.ca

   www.canada.ca › en › revenue-agency

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   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.

3. www.td.com › ca › en2024 TFSA Contribution Limits and Withdrawal Rules - TD

   www.td.com › ca › en

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   If you withdraw from your TFSA, you do not permanently lose your contribution room. You can re-contribute amounts you have withdrawn in the following year or years and your contribution room carries forward indefinitely.

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     TFSA Explained: EVERYTHING You Need To Know (Contribution Room, Withdrawals, Strategy, & More)

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     Understanding TFSA Withdrawals & Contribution Room

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5. www.canada.ca › contributionsContributions - Canada.ca

   www.canada.ca › contributions

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   The maximum amount that you can contribute to your TFSA is limited by your TFSA contribution room. All TFSA contributions made during the year, including the replacement or re-contribution of withdrawals made from a TFSA, will count against your contribution room.

6. www.canada.ca › en › revenue-agencyContributions, withdrawals and transfers - Canada.ca

   www.canada.ca › en › revenue-agency

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   A tax applies to all contributions exceeding your TFSA contribution room. 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.

7. www.wealthsimple.com › tfsa-over-contributionHow to Deal With TFSA Over-Contributions - Wealthsimple

   www.wealthsimple.com › tfsa-over-contribution

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   Mar 20, 2024 · Any amount you withdraw from your TFSA gets added to your contribution room for the following calendar year, which can mean even more penalties the following year. For 2024, the contribution room is $7,000 (Details are available at Canada Revenue Agency’s site.)

8. turbotax.intuit.ca › tips › a-guide-to-tfsaA Guide to TFSA Withdrawal Rules and the Tax Implications

   turbotax.intuit.ca › tips › a-guide-to-tfsa

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   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.

9. www.canadalife.com › investing-saving › savingTFSA withdrawal rules and limits - Canada Life

   www.canadalife.com › investing-saving › saving

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   Aug 15, 2023 · You can withdraw from a TFSA at any time. The longer you leave your money in the account, though, the more your investments have a chance to grow. You can earn more through the compounding effect (your interest will gain interest).