Personal Finance

TFSA...stupid question I know but...

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  • Jan 26th, 2014 10:42 pm
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Newbie
Jan 14, 2013
92 posts
2 upvotes
Brampton

TFSA...stupid question I know but...

We put some money in there August of 2013 after we sold our home, and maxed out the contribution for that year, we then withdrew that money in the same year, December 2013 for the downpayment of our new home. We now want to start putting money back in, we have about $7000K in each account, considering its now 2014, I think the new amount is 31,000 at the max, can we put that back in now? Or is it a year from the day you withdrew the money?
10 replies
Member
Feb 27, 2005
409 posts
32 upvotes
Toronto
It's by calendar year, so what you withdrew is added back to your limit this year
You can also setup an account on the CRA website, and they show you your limit for each year
Thanks,
Mike
Deal Addict
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Aug 18, 2008
3909 posts
2339 upvotes
Ottawa
smartfit29 wrote: We put some money in there August of 2013 after we sold our home, and maxed out the contribution for that year, we then withdrew that money in the same year, December 2013 for the downpayment of our new home. We now want to start putting money back in, we have about $7000K in each account, considering its now 2014, I think the new amount is 31,000 at the max, can we put that back in now? Or is it a year from the day you withdrew the money?
This year, you can contribute whatever you withdraw PLUS $5,500.

Anything that you withdraw can be contirubte again on January 1st, of the year afterwards (assuming you maxed out your contributions prior to withdrawal.
eqlsp wrote: It's by calendar year, so what you withdrew is added back to your limit this year
You can also setup an account on the CRA website, and they show you your limit for each year
Just so the OP knows, the limits that show on the CRA website aren't going to be completely accurate until end February - mid March (that's how long the banks have time to submit the transactions to the CRA records)
Deal Addict
Dec 7, 2011
3586 posts
1993 upvotes
Whitehorse
What the other respondents have already said. Just to make sure, I'd like to emphasize that you will probably be able to put in more than 31.000 - because you should have earned interest in the past. If you have taken that interest out, you can recontribute it in the new year.

However, if your TFSA was not in a savings account but bonds & stocks, and you lost money there, you could be eligible for less than 31k. As Akitakara says: This year, you can contribute whatever you withdrew (until Dec 31, 2013) PLUS $5,500.
Deal Addict
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Nov 12, 2011
3039 posts
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Markham
$7000K??? Dude you need to have another hobby XD
Newbie
Mar 3, 2008
41 posts
3 upvotes
Hi! My account have 45,000.00 if i withdraw 15,000.00. can i put back 15,000.00 in the end this year?
Deal Fanatic
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Nov 19, 2004
9356 posts
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Cambridge, ON
vl26 wrote: Hi! My account have 45,000.00 if i withdraw 15,000.00. can i put back 15,000.00 in the end this year?
No one can answer that without more details. Do you have $15K of contribution space right now?

Assuming you have used all your contribution space til 2013, then if you withdraw $15K today, the most you can contribute for 2014 is $5500.
Newbie
Mar 3, 2008
41 posts
3 upvotes
No.in 6year i deposited 31.000.00 no more room. i invest now i have total 45,0000.00 in tfsa. If i withdraw 15,0000.00 can i put back 15000.00 later?
Newbie
Jul 26, 2013
52 posts
10 upvotes
Toronto
vl26 wrote: No.in 6year i deposited 31.000.00 no more room. i invest now i have total 45,0000.00 in tfsa. If i withdraw 15,0000.00 can i put back 15000.00 later?
Yes, as long as you wait until January 1st of the year after the withdrawal.
Sr. Member
Apr 12, 2012
798 posts
184 upvotes
Toronto
smartfit29 wrote: We put some money in there August of 2013 after we sold our home, and maxed out the contribution for that year, we then withdrew that money in the same year, December 2013 for the downpayment of our new home. We now want to start putting money back in, we have about $7000K in each account, considering its now 2014, I think the new amount is 31,000 at the max, can we put that back in now? Or is it a year from the day you withdrew the money?
Just log into your CRA account and you will see your personal amount for TFSA starting Jan 1, 2014. It's as simple as that.

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