Contributions, withdrawals and transfers

Be aware of these rules and restrictions:

  • You can contribute up to your TFSA contribution room. A tax applies to all contributions exceeding your TFSA contribution room.
  • Withdrawals will be added to your TFSA contribution room at the beginning of the following year.
  • You can replace the amount of the withdrawal in the same year only if you have available TFSA contribution room.
  • Direct transfers must be completed by your financial institution.

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