Hi Folks,
I was doing some research into the withdrawal rules on the TFSA and I wasn't able to find what I was looking for as all the examples are pretty basic.
For the sake of keeping things simple in my example I'm going to use round numbers, so if they seem a bit silly that's why.
If the max TFSA contribution amount is $50,000 and I max out my $50,000, assuming I've made no gains I know I can take out $5000 on December 31 and on January 1 (next calendar year) the $5000 amount I removed will be added by on to my contribution allowance.
My question is:
If the max amount is $50,000 and I've contributed $50,000 but have doubled my the $50k from gains on the market to $100,000, how do the withdrawal rules work?
For example, if I remove $25,000 on December 31 do I have an additional $25,000 of room on January 1? Or is the $25,000 removed from my gains first and I'd have to remove more than $50,000 initial investment before I was able to contribute more?
Submitted December 17, 2017 at 06:25AM by Alzaraz http://ift.tt/2BAEbSA
