TFSA WITHDRAWALS

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I know you can wd anytime from a TFSA but can’t pay it back in the same year assuming you have already made your contribution for that year. If you still have contribution room left for your TFSA, I would assume that it wouldn’t matter if you paid it back in the same year.

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Asked on September 17, 2023 3:38 pm
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Thanks for the clarification

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Posted by scott ingleby
Answered on September 18, 2023 8:41 am
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Yep, the first answer is right.
Lets say you have $20,000 in contribution room and you contribute $6000, but need to pull it out eventually. Yes, you can't contribute that $6000 until next year, but you still have $14,000 in unused room to contribute whenever you'd like.

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Posted by Dan Kent
Answered on September 17, 2023 5:09 pm
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If your contribution room will allow you to contribute the same amount you withdrew, you can put it back in. In Jan 2024, you will have the following room: TFSA leftover room from 2023+any TFSA withdrawals from 2023 + New room for 2024 issued by government.

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Posted by Denise LeBelle
Answered on September 17, 2023 4:54 pm
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