[Mystic]

Eg. If i'm maxed out at 57500. I invest the entire amount in a stock that drops 50 percent. If I sell at a loss, and invest it into another stock that goes up 100% exactly bringing me back to 57500. Then I sell and withdraw the entire amount this year. Would my contribution limit be 57.5k next year or half of that since I sold at a loss in the first stock?

(Ignore trading fees etc obviously)

 

[fireseeker]

Losses and gains mean nothing in a TFSA.
In your example, your contribution limit next year would be $57.5K plus next year's amount.
If you withdrew everything after selling the first security with the 50% loss ($28,750), your contribution limit next year would be $28,750 plus next year's amount.
If your first stock doubled to $115,000 and you withdrew that, your contribution next year would be $115,000 plus next year's amount.
It's what goes into and comes out of the account that matters.

 

[Mystic]

Losses and gains mean nothing in a TFSA.
In your example, your contribution limit next year would be $57.5K plus next year's amount.
If you withdrew everything after selling the first security with the 50% loss ($28,750), your contribution limit next year would be $28,750 plus next year's amount.
If your first stock doubled to $115,000 and you withdrew that, your contribution next year would be $115,000 plus next year's amount.
It's what goes into and comes out of the account that matters.

Thank you! and noooo way! Did not know you could add back more than the yearly limit if you've made money and withdrawn it!

P.S: Is there a single place I can go to view all my TFSA accounts history? I've had accounts in the past with other banks and I'm not sure exactly about the numbers I did.

 

[cainvest]

Setup an account with the CRA and you can check it online.

 

[Mystic]

Setup an account with the CRA and you can check it online.

Awesome thank you!

 

[OnlyMyOpinion]

Just remember the reporting delays that exist in My Acc:
Any contributions that are made or withdrawn from a TFSA in the prior year may not be reflected in your available current year contribution room until after the end of February. All issuers have until the last day of February to electronically submit a TFSA record to the CRA for each individual who has a TFSA.
Any transactions made in the current year will not be reflected.
https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/tax-free-savings-account/contributions.html