TFSA - Withdrawal vs. Contribution Room Question
Because I picked a few lucky stocks, my TFSA balance sits +/- $35,000 above the $63,500 I've contributed.
I may need to (temporarily) take money out to help with a down-payment on a new property until we sell our current home - for a variety of reasons, our current home isn't sold (or even listed) yet, so bridge financing doesn't seem to be a possibility for us. I know that if I take money out this year, I will only regain the contribution room next year, but is the amount capped at the current limit (i.e. $63,500) or is it governed by what I take out.
For example, if I take out $80,000 this year, can I put the $80,000 back next year or only $63,500 because that is the overall contribution limit (to simplify things, I've ignored next year's added contribution room).
I've looked at a few website, but none seem to answer my question.
Thanks!
I may need to (temporarily) take money out to help with a down-payment on a new property until we sell our current home - for a variety of reasons, our current home isn't sold (or even listed) yet, so bridge financing doesn't seem to be a possibility for us. I know that if I take money out this year, I will only regain the contribution room next year, but is the amount capped at the current limit (i.e. $63,500) or is it governed by what I take out.
For example, if I take out $80,000 this year, can I put the $80,000 back next year or only $63,500 because that is the overall contribution limit (to simplify things, I've ignored next year's added contribution room).
I've looked at a few website, but none seem to answer my question.
Thanks!
