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Discussion Starter #1 (Edited)
Hello,

I wanted to open a TFSA account with ING Direct thinking I could use it as an emergency fund.

I mean to deposit $5000 and if necessary withdrawing some money and putting them back or putting into other TFSA account where I can buy stocks. It seems I cannot do this according to the answer from ING:

"With your TFSA accounts, you can contribute a maximum of $5,000 per calendar year and withdraw money as often as you want without any charges. Any withdrawals made this year can be re-contributed next year, but there are no charges if you do not deposit."

I have a feeling they are right but I'd like to confirm it.

So it is not possible to withdraw $3000 and deposit it back 3 months later during the same calendar year, because CRA will consider I contributed $8000 = 5000 + 3000 !?!

Thank you
 

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"With your TFSA accounts, you can contribute a maximum of $5,000 per calendar year and withdraw money as often as you want without any charges. Any withdrawals made this year can be re-contributed next year, but there are no charges if you do not deposit."

I have a feeling they are right but I'd like to confirm it.
ING's answer is right. You cannot re-deposit until the following year.
Year in this case is Jan to Dec.
So it is not possible to withdraw $3000 and deposit it back 3 months later during the same calendar year, because CRA will consider I contributed $8000 = 5000 + 3000 !?!
Correct, you can't do that.
However, if you had contribution room of $8,000 carried forward from past years, then you may do so.
Let's say your room on Jan 1 2011 is $15,000.
You contribute $5,000 on Jan 1.
Withdraw $3,000 on Jan 31.
On Mar 31, you can deposit $3,000 into TFSA since you had room from previous years.
 
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