I withdrew money from my TFSA last year. Can I reinvest that same amount plus the $5,500 for 2018 this year without penalty?
A Tax-Free Savings Account (TFSA) allows you to take money out when you want, for any reason, without paying any tax. If you take money out, you can re-contribute it the following year, in addition to the annual maximum. You can check your contribution room through the Canada Revenue Agency using one of these services:
While we try to provide general information to help you get started, we are not able to provide advice. Speak to a registered financial advisor or tax professional to learn about investing in your TFSA. Learn more about TFSAs.