Quote:
Originally Posted by Scudz
Wrong. The TFSAs can be refilled anytime, and be taken out anytime. Your TFSA is like any savings account, except you don't pay any taxes for.
However, the only time it becomes a serious issue, is if the bank takes out more than the contribution limit. Ie, they took out $20,000 of your $30,000 TFSA balance for this year. This is assume you've turned your max contribution limit of $10,000 into $30,000.
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where did you hear this from?
every year you get an extra $5000 that you can contribute tax-free.
If you deposit 5000 on january and withdraw it anytime in that year, you can deposit another 5000, however, it will not be tax free.