Yes, ADAM, a friend and I were discussing this withdrawal issue when withdrawing the "gains" and if it could be put back. Looks like another viewer below had a similar question. It was answered. Thank you ever so much for your guidance. It really is so important to have your channel....genius to think about making these sorts of videos. 🇨🇦💯
I was confused about the contribution room you get back in the next calendar year until I saw your video. Thank you. But just want to discuss an interesting case someone post online, for example, a perosn contributed the maxmium room he has in TFSA, and his account increased to 1 million, if he pull out this 1 million in 2021, he will get 1 million contribution room + annual room for 2022 in the calender year 2022, this is how I think tfsa should work. May I ask has CRA explained or provided any confirmation related to this?
So if someone has never put in a TFSA and have a total of $70,000 room but only put in $5,000 and it grows to $10,000 and you pull out the $10,000, that $10,000 room wouldn’t come back until the next calendar year but you could put in still the current year $60,000? Then the $10,000 next year?
@ParallelWealth And if you dont put in $60k in the current year. In the next year the contributions room will decrease to $10 plus the $6k? Total $16k of contributions? From $70k to $16k?
@colinbickford6017 wait shouldn't you be able to still contribute 65k that year? becasue you contributed 5k but it grew to 10k so i thought 65k should still be allowed that year right?
I have another question … if I already maximize the contribution 60000$ for this year and it made 3000$ gains to the portfolio and I don’t want to withdraw any money…. So what should be the amount of contribution for next year ?
I maximized my TFSA contribution in early 2022 when I received some money from my mother's estate following her passing in late 2021. I wasn't sure what exactly to do with it, so I opted to put it into the TFSA. That was a mistake. Since then, it has dropped $15K in value. While I think that a TFSA is a good idea with the ideology, I'm not convinced that the value of it hinges on the markets, so it can be hit or miss. Looking back, I should have thought it through a bit more before opting for this idea.
How do you withdraw from your TFSA? If I withdraw 88k, when does it need to be paid back by before penalties? My cra account shows 88k, I read online that you should be able to withdraw from online banking from overview tab and click on TFSA tab but I don't have the option on my online banking.
Will CRA has annual statement that we can see the TFSA limit contribution room for next year? Or if the bank will have the records to tell us what is the contribution limit? Thanks
CRA online will tell you, but it's not always accurate. If you check now it won't show any 2021 contributions and it might even be missing 2020. But if you have your 2020 and 2021 numbers you could cross reference what CRA has and come up with your number.
Ok so say if I was maxed out right now and had the full limit of 75500 in there , if I withdraw the whole amount of 75500 in December of this year I would be allowed to recontribute the whole 75500 in january of 2022 plus whatever contribution room for the next year
Paul, yes this is correct. Assuming your investment is valued at exactly 75500 in December this year. If it was worth more or less, whatever amount you redeem is the amount added back the following calendar year, plus new contribution room. Thanks for watching.
@parallel wealth: Hi last year I saw my contribution room $34000. Till December I added $21700 in my TFSA and I was 40% down which was approx $13020. Therefore my new contribution room should be $25320 + 6000 was new year from January right? But it shows $19000 this year? Do you think why it is that? I did not take out any money yet.
Hi! Thanks for the informative video! I contributed $17,000 to my TFSA I have growth of $26,000 in my TFSA I removed $1000 to open my daughter an RESP. Does the $1000 withdrawal come out of my contribution room or did it come out as growth? Also I’m 36 years old. Can you help me to understand how the withdrawals work when my TFSA isn’t maxed out? Thanks Lesley
I have a question. Do you lose that $75,000 (withdrew in 2020) contribution room for 2022? if you don't put any money back into TFSA in 2021? or is it the permanent contribution room once you withdraw? Thanks in advance
So my wifes bank account holds all of our savings. Were looking to putting our savings into TFSA's with wealth simple. If i open an account under my name and information and use her bank account to transfer money into my TFSA and to buy stocks does this effect my contribution limit or hers?
So after seeing a financial adviser to open a portfolio and savings account under a TFSA, they told me something along the lines of: "if you open the savings in the TFSA then the gains aren't taxed, but you crystallize that contribution room." They essentially said it was not worth it to take up room for such a low yield savings account. Do savings accounts function differently? If all the money I have available fits below my available contribution room (including the backlog from a few years), is there any downside to opening the savings account under the TFSA? Thanks. And the video was very informative btw.
You can have your TFSA in savings - but having tax free money at 0.2%...does it really mater if it is tax free?! You can do it, just not the best strategy if you are looking longer term.
@@ParallelWealth so just to be clear, the only way to crystallize your contribution room is to withdraw at a loss? And yes you are correct anyway I would open the savings account outside the TFSA as the benefit is miniscule
Ive watched many of these videos but no one talks about 2 calendar years lets just say i have a maxed out contribution and withdrawn all just for argument sake 200k the next calendar year you can re put the 200k plus the government tfsa increase but what happens if you had med bills or something and cant re put the 200k till the next next year do you lose out of contribution?
Does selling with capital gains and buying stock in TFSA affects contribution limits? For example, if I invest 1000 dollars initially (considering its my tfsa limit) and now i have 1500 in tfsa and i sell all the stocks and buy new stocks. So now my contribution is 1500 or is it still 1000 ?
Does transferring money from tfsa to. Chequeing or regular savings account count as a withdrawal? Would I still get that amount back on my tfsa the following year?
Thanks for explaining it so well! A doubt I have that is when I withdraw the 75k, do I need to pay tax on the gains I made? I'm assuming no because this is a Tax free account.
Looking for some confirmation. If a withdrawal has been made and the amount is applied to the following year contribution limits is there a countdown timer on when the funds need to be returned or is does the new limit continue to forward through the years?
But what when i open my account on wealth simple for first year only 100$ and thn for another year what would be my contribution? Is it 6k +100 or 12k +100
Hi , I just invested in tfsa but I noticed because of the war in Ukraine I noticed loosing money like crazy every day and a lot. Do you think that the tfsa is a good solution at this moment and will it recover or the war and huge raises in fuel costs and the whole situation with sanctions to Russia will only make it drop even more so should I take it out now and just take the loss before it will get worst? I should add that this multi-holding TFSA account.
What is your room is you have $45000 and you pull out $43,000? I have only contributed $400 for this year and I am thinking of putting $5600 in a different TFSA account that that high interest gains that the one that I have now.
I appreciate the video! Such great content! Wondering one thing though. If you have stocks in your TFSA that you sell at a loss, but don't take the funds out of the TFSA, It's not a loss yet, correct? So you could potentially reinvest them for a gain, then take them out?
Correct. It really is a moot point whether you redeem or not (other than not being able to invest that money until Jan1 the following year). If you lose money on a stock and sell it, you now have a set number of dollars to invest, whether you leave it or not. Hope that makes sense.
@@ParallelWealth- Thank you, I learn something very useful. How CRA knows that you had make a withdraw to add that room back ? Do you need to notified separately? Same thing for consolidating TFSA in my group pension TFSA, Do CRA need to be notified? Thanks again
I put $5000 into tfsa, and I know TFSA can only a long term investment. After how many months can i pull out the funds and still be tax free? 6 months? Long term is > 6 months?
Hey Adam, still confused about tfsa limits. Say I have 150k in my account. End on Dec I withdraw all of it, and Jan first I return it, plus the new 6k, totalling 156k. How does this new high water mark benefit me? If I withdraw 50k in 2022, and my value drops 20k, come 2023 I will still only be able to return the 50k plus the 2023 new amount (say 6k). What has the 156k high water mark benefited me?
Hmm so if I put 50k in my tfsa and buy nike stocks and it goes up to 300k and withdraw it by dec, by jan my contribution limit is 300k + 6k? Damn did not know that, also didnt know that taking money out of the rrsp will be gone forever, not able to put it back in. Unless its for a first time homebuyer and you take money out right?
Hi Adam , Question, under the Tfsa rules , when I withdraw my tfsa in 2022 , I am eligible to contribute that same amount plus 6500.00 in 2023 . If I don't contribute the full amount , does the difference carry over into the following year and increase my eligible contribution or does it revert to 6500.00 again.
Most of the example I came across has TFSA max out in the beginning of the year. Which is not the case for most of the people. What about if TFSA contribution Room in Jan 2022 is 81,500, In Jan 2022 I have 50,000 in my TFSA. In June 2022 I have withdrawn 20,000. Can I contribute back that 20,000 in 2022 before December since I have not used all my contribution yet for 2022.
Hi good sir! What happens if you have multiple different investments in your TFSA (say 10k worth) and let’s say, 2K investment shrunk to 300, you sell and pull it out.. how does that affect room? According to your estimates that would lose 1700 of room permanently BUT how is that figured out when you have multiple different investments? Just confused as to how that’s auto figured out when say that 300 you pull out is clearly a 1700 loss, but can they differentiate that from say a 20$ investment that grew to 300?
You would have lost the $1700 from that investment - but there is a chance the others made up for it. Example - if you had another investment that had $300 that grew to $2k, then your account value and possible room would stay the same in your example.
For example if i have te maximum contribution 75500$ can i reinvest my dividend that i receive during the year or i have to wait the next year? The goal is to do not pay tax
@@stevebowman1645 Yes, but anytime you transfer from 1 registered account like a TFSA to another, make sure the proper transfer forms are completed (T2033).
Hello, if I dont withdraw at all, then my contribution room would only increase each year per amount of that year correct? Like if i leave all my money in the tfsa and never pull money out, next year i would only be able to add the new amount ( maybe 6k) to my tfsa account?
And essentially im allowed to pull out money anytime but within that year that amount of money I pull out will have to wait till the next year to go back in along with the new contribution room? I hope im understandinf this right to avoid overcontributing
So the smartest thing to do is to never pull money out of tfsa at a loss to avoid crystalizing my room, and also to keep track of what comes out exactly to know what exactly is allowed to go back in the next calendar year jan... leme know if any of this is wrong thanks :)
A TFSA is a terrible worded account lol, think of it more like a basket. If you open a TFSA at a bank and put $3K... it will stay that way till eternity when you withdraw it BUT if you open a TFSA at a bank and within it you invest in stock or ETF or index fund etc, that is where the growth comes into play So in the word TFSA , change the S to I to mean investing and it would make much more sense (Tax Free INVESTING Account). Cheers
So let's say I have contributed 10,000 into my TFSA (contribution room=50,000). I take $5000 out of my TFSA bc I need it urgently. Other 5,000 is still being invested. What will my new contribution room be next Jan?
How about if i have 100K already in my tfsa and decided to pullout everything this year and will not contribute in 2022 and 2023, how much is my room for 2024? Thank you.
100k + the maximum amount allowed for 2022, 2023, 2024 which if it stays the same (6k a year) 118k. But we don’t know for sure the contribution limit for future years
@@ParallelWealth if he took out 10k in December and then by Jan 2022 he regains that 10k in contribution room plus and additional 6k. So my question to you is is it better to withdrawal money at the end of the year to gain some contribution room or better off to leave it and gain the extra 6k every year
This is actually insanely good news. I can boost my TFSA contribution room from say ~$60k to over $1million+ if I make good investments. The TFSA rewards good investors by letting the contribution room grow as fast as the investments themselves (for the following year) if you withdraw. That is AMAZING. Oh Canada.
Awesome video! Questoion: I have three TFSA accounts; Tangerine, WealthSimple and TD Bank. I put an initial depost of $5.000, the second $15,500 and the last TBD. I have a remaining contribution room of $30,000 in 2022. I am looking to maximize my TFSA to have a bigger contribution room for next year, 2023. So, for TD Bank I want to deposit $30,000 by end of November and sell the $30,000 by end of December. Hence, would this mean I would have a new contribution room of 2023 of $60,500? Thank you!!
Excellent! Short, clean and effective on pinpoints. I appreciate your time 🙏
My pleasure!
If my contribution room is $6000
And I’m day trading with $4000 and withdraw my profits of $400 daily
Is it taxable?
Yes, ADAM, a friend and I were discussing this withdrawal issue when withdrawing the "gains" and if it could be put back. Looks like another viewer below had a similar question. It was answered. Thank you ever so much for your guidance. It really is so important to have your channel....genius to think about making these sorts of videos. 🇨🇦💯
thank you for explaining this in a super basic way for someone like me lol
Thanks for the clear explanation!
I was confused about the contribution room you get back in the next calendar year until I saw your video. Thank you. But just want to discuss an interesting case someone post online, for example, a perosn contributed the maxmium room he has in TFSA, and his account increased to 1 million, if he pull out this 1 million in 2021, he will get 1 million contribution room + annual room for 2022 in the calender year 2022, this is how I think tfsa should work. May I ask has CRA explained or provided any confirmation related to this?
Emily, yes he/she would have $1M in contribution room the following calendar year plus new $6k room or whatever the amount is for that year.
this information is Gold! Thanks! I had one question, can we take out the money from TFSA at any time? I mean for any reason? Thanks in advance!
Yes you can! And thanks for watching.
So if someone has never put in a TFSA and have a total of $70,000 room but only put in $5,000 and it grows to $10,000 and you pull out the $10,000, that $10,000 room wouldn’t come back until the next calendar year but you could put in still the current year $60,000? Then the $10,000 next year?
Correct..plus you would get additional 6k new room following year. So technically 16k following year.
Good question Colin and great answer as well
@ParallelWealth And if you dont put in $60k in the current year. In the next year the contributions room will decrease to $10 plus the $6k? Total $16k of contributions? From $70k to $16k?
@colinbickford6017 wait shouldn't you be able to still contribute 65k that year? becasue you contributed 5k but it grew to 10k so i thought 65k should still be allowed that year right?
Bravo bien explique! Bravo, well explained!
I’m stupid and I don’t get it still.
Very clear and easy understanding explanation… thank you ❤️
I have another question … if I already maximize the contribution 60000$ for this year and it made 3000$ gains to the portfolio and I don’t want to withdraw any money…. So what should be the amount of contribution for next year ?
I maximized my TFSA contribution in early 2022 when I received some money from my mother's estate following her passing in late 2021. I wasn't sure what exactly to do with it, so I opted to put it into the TFSA. That was a mistake. Since then, it has dropped $15K in value. While I think that a TFSA is a good idea with the ideology, I'm not convinced that the value of it hinges on the markets, so it can be hit or miss.
Looking back, I should have thought it through a bit more before opting for this idea.
How do you withdraw from your TFSA? If I withdraw 88k, when does it need to be paid back by before penalties? My cra account shows 88k, I read online that you should be able to withdraw from online banking from overview tab and click on TFSA tab but I don't have the option on my online banking.
Will CRA has annual statement that we can see the TFSA limit contribution room for next year? Or if the bank will have the records to tell us what is the contribution limit? Thanks
CRA online will tell you, but it's not always accurate. If you check now it won't show any 2021 contributions and it might even be missing 2020. But if you have your 2020 and 2021 numbers you could cross reference what CRA has and come up with your number.
I actually learned something, thanks!
Thank you!
Ok so say if I was maxed out right now and had the full limit of 75500 in there , if I withdraw the whole amount of 75500 in December of this year I would be allowed to recontribute the whole 75500 in january of 2022 plus whatever contribution room for the next year
Paul, yes this is correct. Assuming your investment is valued at exactly 75500 in December this year. If it was worth more or less, whatever amount you redeem is the amount added back the following calendar year, plus new contribution room.
Thanks for watching.
@parallel wealth: Hi last year I saw my contribution room $34000. Till December I added $21700 in my TFSA and I was 40% down which was approx $13020. Therefore my new contribution room should be $25320 + 6000 was new year from January right? But it shows $19000 this year? Do you think why it is that? I did not take out any money yet.
Hi! Thanks for the informative video!
I contributed $17,000 to my TFSA
I have growth of $26,000 in my TFSA
I removed $1000 to open my daughter an RESP.
Does the $1000 withdrawal come out of my contribution room or did it come out as growth?
Also I’m 36 years old.
Can you help me to understand how the withdrawals work when my TFSA isn’t maxed out?
Thanks
Lesley
It doesn't matter what it comes out as. What matters is that the $1000 is added as contribution room next year
I have a question. Do you lose that $75,000 (withdrew in 2020) contribution room for 2022? if you don't put any money back into TFSA in 2021? or is it the permanent contribution room once you withdraw? Thanks in advance
So my wifes bank account holds all of our savings. Were looking to putting our savings into TFSA's with wealth simple. If i open an account under my name and information and use her bank account to transfer money into my TFSA and to buy stocks does this effect my contribution limit or hers?
So after seeing a financial adviser to open a portfolio and savings account under a TFSA, they told me something along the lines of: "if you open the savings in the TFSA then the gains aren't taxed, but you crystallize that contribution room." They essentially said it was not worth it to take up room for such a low yield savings account.
Do savings accounts function differently? If all the money I have available fits below my available contribution room (including the backlog from a few years), is there any downside to opening the savings account under the TFSA?
Thanks. And the video was very informative btw.
You can have your TFSA in savings - but having tax free money at 0.2%...does it really mater if it is tax free?! You can do it, just not the best strategy if you are looking longer term.
@@ParallelWealth so just to be clear, the only way to crystallize your contribution room is to withdraw at a loss?
And yes you are correct anyway I would open the savings account outside the TFSA as the benefit is miniscule
Ive watched many of these videos but no one talks about 2 calendar years lets just say i have a maxed out contribution and withdrawn all just for argument sake 200k the next calendar year you can re put the 200k plus the government tfsa increase but what happens if you had med bills or something and cant re put the 200k till the next next year do you lose out of contribution?
Does selling with capital gains and buying stock in TFSA affects contribution limits?
For example, if I invest 1000 dollars initially (considering its my tfsa limit) and now i have 1500 in tfsa and i sell all the stocks and buy new stocks. So now my contribution is 1500 or is it still 1000 ?
appreciate it, accurate knowledge is power
Thanks Kevin
Does transferring money from tfsa to. Chequeing or regular savings account count as a withdrawal? Would I still get that amount back on my tfsa the following year?
Thanks for explaining it so well! A doubt I have that is when I withdraw the 75k, do I need to pay tax on the gains I made? I'm assuming no because this is a Tax free account.
Correct. No tax
Looking for some confirmation. If a withdrawal has been made and the amount is applied to the following year contribution limits is there a countdown timer on when the funds need to be returned or is does the new limit continue to forward through the years?
Continues forward as unused room
What about partial withdrawls? Lets say maxed out 50,000, increased to 60,000. I take out 10,000. What is my next years total Max?
But what when i open my account on wealth simple for first year only 100$ and thn for another year what would be my contribution? Is it 6k +100 or 12k +100
I have a question can some answer: When i login in to CRA and look at my contribution room of 25k is that the money I can withdraw ?
Hi , I just invested in tfsa but I noticed because of the war in Ukraine I noticed loosing money like crazy every day and a lot. Do you think that the tfsa is a good solution at this moment and will it recover or the war and huge raises in fuel costs and the whole situation with sanctions to Russia will only make it drop even more so should I take it out now and just take the loss before it will get worst? I should add that this multi-holding TFSA account.
What is your room is you have $45000 and you pull out $43,000? I have only contributed $400 for this year and I am thinking of putting $5600 in a different TFSA account that that high interest gains that the one that I have now.
I appreciate the video! Such great content! Wondering one thing though. If you have stocks in your TFSA that you sell at a loss, but don't take the funds out of the TFSA, It's not a loss yet, correct? So you could potentially reinvest them for a gain, then take them out?
Correct. It really is a moot point whether you redeem or not (other than not being able to invest that money until Jan1 the following year). If you lose money on a stock and sell it, you now have a set number of dollars to invest, whether you leave it or not. Hope that makes sense.
I want to ask I never open a tfsa account but my cra account show money in tfsa what does that mean? It’s a really my money?
If my contribution room is 75k and I withdraw 100k (assuming I had 25k gain) would my room be 100k next year?
Yes, plus new contribution room of 6k for 2022
In a sense when you get money out above your maximum posible room for someone that never had a TFSA, you consolidate a larger room right?
Correct.
@@ParallelWealth- Thank you, I learn something very useful. How CRA knows that you had make a withdraw to add that room back ? Do you need to notified separately? Same thing for consolidating TFSA in my group pension TFSA, Do CRA need to be notified? Thanks again
@@phobos_miner4288 they are notified by your financial institution
How about partial redemption with different investments?
I put $5000 into tfsa, and I know TFSA can only a long term investment. After how many months can i pull out the funds and still be tax free? 6 months? Long term is > 6 months?
Anytime. 6 hours, 6 days, 6 years.
Hey Adam, still confused about tfsa limits. Say I have 150k in my account. End on Dec I withdraw all of it, and Jan first I return it, plus the new 6k, totalling 156k. How does this new high water mark benefit me? If I withdraw 50k in 2022, and my value drops 20k, come 2023 I will still only be able to return the 50k plus the 2023 new amount (say 6k). What has the 156k high water mark benefited me?
Hmm so if I put 50k in my tfsa and buy nike stocks and it goes up to 300k and withdraw it by dec, by jan my contribution limit is 300k + 6k? Damn did not know that, also didnt know that taking money out of the rrsp will be gone forever, not able to put it back in. Unless its for a first time homebuyer and you take money out right?
100% correct on all yoru comment!
Can you transfer funds from personal to tfsa without tax implications?
Not if you have a gain
What if I’m putting way less than my limit? Like 10,000 and then I want to withdraw it later that year? Will that make my limit 10,000 max plus $6000?
Hi Adam , Question, under the Tfsa rules , when I withdraw my tfsa in 2022 , I am eligible to contribute that same amount plus 6500.00 in 2023 . If I don't contribute the full amount , does the difference carry over into the following year and increase my eligible contribution or does it revert to 6500.00 again.
Increases
Most of the example I came across has TFSA max out in the beginning of the year. Which is not the case for most of the people. What about if TFSA contribution Room in Jan 2022 is 81,500, In Jan 2022 I have 50,000 in my TFSA. In June 2022 I have withdrawn 20,000. Can I contribute back that 20,000 in 2022 before December since I have not used all my contribution yet for 2022.
Yes because you still have 31500 left to contribute for 2022
Hi good sir! What happens if you have multiple different investments in your TFSA (say 10k worth) and let’s say, 2K investment shrunk to 300, you sell and pull it out.. how does that affect room? According to your estimates that would lose 1700 of room permanently BUT how is that figured out when you have multiple different investments? Just confused as to how that’s auto figured out when say that 300 you pull out is clearly a 1700 loss, but can they differentiate that from say a 20$ investment that grew to 300?
You would have lost the $1700 from that investment - but there is a chance the others made up for it. Example - if you had another investment that had $300 that grew to $2k, then your account value and possible room would stay the same in your example.
Thanks very well explain! 👍
For example if i have te maximum contribution 75500$ can i reinvest my dividend that i receive during the year or i have to wait the next year? The goal is to do not pay tax
Dividend reinvestments (DRIP) do not count as contributions. Have your TFSA set to reinvest your dividends to take advantage of compounding interest!
@@ParallelWealth with Wealthsimple i had to reinvest manually i cannot set it i think
If you transfer from one tfsa (savings account) to another tfsa (investment account) is this done with no penalty?
Thanks for the great advice
@@stevebowman1645 Yes, but anytime you transfer from 1 registered account like a TFSA to another, make sure the proper transfer forms are completed (T2033).
I've 50500 if I withdraw 25000 will be it fine? . How do we withdraw money do we have to call cra ?
Call where your account is
Hello, if I dont withdraw at all, then my contribution room would only increase each year per amount of that year correct? Like if i leave all my money in the tfsa and never pull money out, next year i would only be able to add the new amount ( maybe 6k) to my tfsa account?
And essentially im allowed to pull out money anytime but within that year that amount of money I pull out will have to wait till the next year to go back in along with the new contribution room? I hope im understandinf this right to avoid overcontributing
So the smartest thing to do is to never pull money out of tfsa at a loss to avoid crystalizing my room, and also to keep track of what comes out exactly to know what exactly is allowed to go back in the next calendar year jan... leme know if any of this is wrong thanks :)
i have a tfsa on my cra and dont contribute can i still take money out
So, where did the money come from? Within my account, if i withdraw 3000$, do i need to pay it back the following year?
A TFSA is a terrible worded account lol, think of it more like a basket. If you open a TFSA at a bank and put $3K... it will stay that way till eternity when you withdraw it BUT if you open a TFSA at a bank and within it you invest in stock or ETF or index fund etc, that is where the growth comes into play
So in the word TFSA , change the S to I to mean investing and it would make much more sense (Tax Free INVESTING Account). Cheers
So let's say I have contributed 10,000 into my TFSA (contribution room=50,000). I take $5000 out of my TFSA bc I need it urgently. Other 5,000 is still being invested. What will my new contribution room be next Jan?
45k plus new room for that year.
@@ParallelWealth Thanks for replying - That makes sense!
How about if i have 100K already in my tfsa and decided to pullout everything this year and will not contribute in 2022 and 2023, how much is my room for 2024? Thank you.
100k + the maximum amount allowed for 2022, 2023, 2024 which if it stays the same (6k a year) 118k. But we don’t know for sure the contribution limit for future years
What if you don’t take out all of it
Say my contribution room is 18k and I have 10k in my tfsa if I don’t withdrawal the 10k at all Jan 2022 will my contribution room be 18k plus 6k?
Also what if I decided to withdrawal the 10k? Would it be 10k plus 6k for Jan 2022? Which means I would have less contribution room?
First question would be 18+6.
Second would be 10+18+6.
@@ParallelWealth but didn’t I lost 8k of contribution room bc I took out 10k so for the following year wouldn’t it be 16k of contribution room
@@ParallelWealth please respond
@@ParallelWealth if he took out 10k in December and then by Jan 2022 he regains that 10k in contribution room plus and additional 6k. So my question to you is is it better to withdrawal money at the end of the year to gain some contribution room or better off to leave it and gain the extra 6k every year
Can I withdraw money from my CRA contribution room?
Not sure I understand this question?!
Still no close captions
Turn them on
This is actually insanely good news. I can boost my TFSA contribution room from say ~$60k to over $1million+ if I make good investments. The TFSA rewards good investors by letting the contribution room grow as fast as the investments themselves (for the following year) if you withdraw. That is AMAZING. Oh Canada.
lucky you have money to invest in trudy's canada, i dont know many people who have spare change to invest.
0, no victim
Awesome video!
Questoion: I have three TFSA accounts; Tangerine, WealthSimple and TD Bank. I put an initial depost of $5.000, the second $15,500 and the last TBD. I have a remaining contribution room of $30,000 in 2022. I am looking to maximize my TFSA to have a bigger contribution room for next year, 2023. So, for TD Bank I want to deposit $30,000 by end of November and sell the $30,000 by end of December. Hence, would this mean I would have a new contribution room of 2023 of $60,500? Thank you!!