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TFSA Deposit / Withdrawal question
June 5, 2015
8:11 am
techno
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Are these correct on TFSA?

1. You can withdraw money as many time as you want.

2. You can't redeposit withdrawn money until the next calendar year (Jan. 1st).

3. You can make multiple deposits as long as you don't go over the maximum allowed per year.

Thanks!

June 5, 2015
8:41 am
kanaka
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Correct.
BUT some institutions may have a limit for how many free withdrawals you can do before there is a withdrawal charge.

June 5, 2015
9:13 am
Loonie
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I agree with kanaka.
I would add that you need to keep very careful records, especially if you are going to be doing a lot of withdrawals. This is important so that you will put back in exactly what you took out. You can re-deposit everything you took out, not just your original deposit.

June 5, 2015
9:51 am
Koogie
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google is your friend:
http://www.cra-arc.gc.ca/tx/nd.....s-eng.html

note technically that you CAN return withdrawals to the account during the same calendar year IF you haven't used all your contribution room yet for that year and the repayment would be less than the remaining uncontributed balance.

that is a bit of a shell/mind game mind you.

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