Hi,

Many of us might still have some open questions about TFSA. I came across this document and it seem to answer most of the questions.

Time to read - 10 minutes.

http://www.tfsa.gc.ca/pdf/TFSA-FINAL-EN.pdf


Good luck...
JRF.

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The cowards never started,
The weak died on the way,
Only the strong arrived.
http://www.youtube.com/watch?v=_yK1i9cLAMM

Interesting read JRF.
It doesn't however mention whether Robert or Gillan can redosit the $20,000 or $40,000 they withdrew in one fell swoop in the same or following year or not.
Do you know?

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Originally posted by investpro
It doesn't however mention whether Robert or Gillan can redosit the $20,000 or $40,000 they withdrew in one fell swoop in the same or following year or not.
Do you know?

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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."

-- Rhett Butler in "Gone with the Wind"

Does it mean, one can not withdraw $20,000 back from TFSA and invest back into TFSA $10,000 each for next 4 years ( 5K current contribution then another 5k is payback of TFSA) but they should pay all $20,000 in the next year itself or it is out for ever.

Quote:

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Originally posted by pratickm

Quote:

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Originally posted by investpro
It doesn't however mention whether Robert or Gillan can redosit the $20,000 or $40,000 they withdrew in one fell swoop in the same or following year or not.
Do you know?

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Following year only.
One lump sum deposit is allowed for the enture amount.

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The cowards never started,
The weak died on the way,
Only the strong arrived.
http://www.youtube.com/watch?v=_yK1i9cLAMM

Quote:

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Originally posted by JRF
Does it mean, one can not withdraw $20,000 back from TFSA and invest back into TFSA $10,000 each for next 4 years ( 5K current contribution then another 5k is payback of TFSA)

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Quote:

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but they should pay all $20,000 in the next year itself or it is out for ever.

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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."

-- Rhett Butler in "Gone with the Wind"

Thanks.

Quote:

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Originally posted by pratickm

Quote:

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Originally posted by JRF
Does it mean, one can not withdraw $20,000 back from TFSA and invest back into TFSA $10,000 each for next 4 years ( 5K current contribution then another 5k is payback of TFSA)

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Yes, that can be done.

Quote:

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but they should pay all $20,000 in the next year itself or it is out for ever.

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No, the room is not lost forever.
You can re-deposit the withdrawal in any way you like.
I believe the only requirement is that any re-deposit of withdrawal has to wait until 1st Jan of next year.

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-----------------------------------------------------------------
The cowards never started,
The weak died on the way,
Only the strong arrived.
http://www.youtube.com/watch?v=_yK1i9cLAMM