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TFSA Transfers and Contributions (Canada)


beerbaron

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Yes. You have to wait 1 calendar year after the withdrawal is made but you’ll be able to contribute all those funds back + 2023 allowance once were in 2023. 
 

Edit: Assumes your maxed out already. 
 

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


 

 

Edited by lessthaniv
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Absolutely 

 

inverse is also truth. 
 

You put the maximum allowed ($80k or whatever that is). You make a bad investment that reduces the $80k to say $5K. 
 

you sell at a loss and withdraw the $5k from TFSA. 
 

by doing so you have “reduce” your TFSA capacity down to only $5K.
 

Permanent damage to TFSA. 

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12 hours ago, lessthaniv said:

Yes. You have to wait 1 calendar year after the withdrawal is made but you’ll be able to contribute all those funds back + 2023 allowance once were in 2023. 
 

Edit: Assumes your maxed out already. 
 

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


 

 

I believe he would just need to wait until the next January 1st, not 365 days, to re-contribute the $80k?

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So to recap for anybody reading this thread later. The attached chart gives the contribution limits by year. Total is $81500.

 

If you have 200K in you TFSA you can take it all out today (Aug 3rd 2022)

On Jan 1st 2023 you can contribute $81 500 (2009-2022) + $6 000 = $87 500

On Aug 3rd 2023 you can contribute $200 000 - $87 500 = $112 000

 

Did I get this right?

 

Thanks

BeerBaron

 

TFSA Limits.png

Edited by beerbaron
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On 8/3/2022 at 11:56 AM, beerbaron said:

Thanks for everybody, who needs the Canadian Revenue Agency when you have thecobf.com!

 

Thanks

BeerBaron

 

 

Just a reminder...while we have some of the most intelligent investors on the cobf board, any tax, accounting, financial, estate planning queries/answers should always be qualified by an outside expert in that area.  If something goes wrong without discussing it with a qualified outside expert, that is your responsibility and error.  Cheers!

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