TFSA Withdraw Profits Contribution Room

[RickyTan3]

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?

[radioman]

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

[!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?

[Jmac]

You can check your remaining contribution limit on the CRA website IIRC.

[kr4l]

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?

Pretty sure it’s 100k. Whatever amount you take out you can put back in

[radioman]

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?

The above 3 rules still apply.

Withdrawals made from your TFSA in the previous year.

Originally Posted by Jmac

You can check your remaining contribution limit on the CRA website IIRC.

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.

[sexyaccord]

what did you invest in the gain 100k?