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02-12-2020, 09:01 AM
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#1
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Everyone wants a piece of R S...
Join Date: Jul 2013
Location: burnaby
Posts: 394
Thanked 143 Times in 67 Posts
Failed 182 Times in 32 Posts
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TFSA Withdraw Profits Contribution Room
Was reading around and couldn't find a for sure answer. If you withdraw say 100k of profit from your TFSA, will you be able to contribute that same withdrawl later on?
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02-12-2020, 09:37 AM
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#2
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I contribute to threads in the offtopic forum
Join Date: Jun 2012
Location: Vancouver
Posts: 2,737
Thanked 3,242 Times in 861 Posts
Failed 136 Times in 59 Posts
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You will need to wait until next year to re-contribute your withdrawals from this year.
Your TFSA contribution room is made up of:
your annual TFSA dollar limit
unused TFSA contribution room from the previous year
withdrawals made from the TFSA in the previous year
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03-09-2020, 11:22 AM
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#3
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"They call me Bowser...RawR!"
Join Date: Jul 2001
Location: Vancouver
Posts: 8,325
Thanked 1,037 Times in 412 Posts
Failed 60 Times in 31 Posts
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What if you took out more than your contribution limit?
Say limit is $65k, you max it out every year and it grew to $100k. You withdraw $100k... how much can you put back next year? The 65k limit or the 100k you took out?
__________________
"Damn fine car Dodge... Ran over me wife with a Dodge!", Zeke
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03-09-2020, 11:24 AM
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#4
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Willing to sell body for a few minutes on RS
Join Date: Aug 2004
Location: Duncan, BC
Posts: 10,128
Thanked 5,568 Times in 2,107 Posts
Failed 231 Times in 90 Posts
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You can check your remaining contribution limit on the CRA website IIRC.
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03-09-2020, 11:32 AM
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#5
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14 dolla balla aint got nothing on me!
Join Date: May 2013
Location: Richmond
Posts: 619
Thanked 676 Times in 228 Posts
Failed 45 Times in 27 Posts
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Quote:
Originally Posted by !LittleDragon
What if you took out more than your contribution limit?
Say limit is $65k, you max it out every year and it grew to $100k. You withdraw $100k... how much can you put back next year? The 65k limit or the 100k you took out?
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Pretty sure it’s 100k. Whatever amount you take out you can put back in
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03-09-2020, 12:38 PM
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#6
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I contribute to threads in the offtopic forum
Join Date: Jun 2012
Location: Vancouver
Posts: 2,737
Thanked 3,242 Times in 861 Posts
Failed 136 Times in 59 Posts
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Quote:
Originally Posted by !LittleDragon
What if you took out more than your contribution limit?
Say limit is $65k, you max it out every year and it grew to $100k. You withdraw $100k... how much can you put back next year? The 65k limit or the 100k you took out?
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The above 3 rules still apply.
Withdrawals made from your TFSA in the previous year.
Quote:
Originally Posted by Jmac
You can check your remaining contribution limit on the CRA website IIRC.
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The CRA my account is great. They've made a lot of changes to it for the better. The registered balances however seem to take some time to update and this is most likely due to the institution you're depositing money with not reporting it quickly.
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03-22-2020, 10:08 PM
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#7
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HELP ME PLS!!!
Join Date: Oct 2005
Location: Death Star
Posts: 5,707
Thanked 854 Times in 175 Posts
Failed 49 Times in 21 Posts
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what did you invest in the gain 100k?
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Last edited by sexyaccord on 69-69-6969 at 69:69 PM
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