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Victor123
Victor123
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I have a TFSA account to which I have contributed 5000 yearly since past 3 years. Now in emergency, I need to withdraw some money. What are the penalties (if any) I am looking at?

Thank you

EDIT: My tax advisor says that you can withdraw only one time / yr without penalty. More than once, and there will be penalty

I have a TFSA account to which I have contributed 5000 yearly since past 3 years. Now in emergency, I need to withdraw some money. What are the penalties (if any) I am looking at?

Thank you

I have a TFSA account to which I have contributed 5000 yearly since past 3 years. Now in emergency, I need to withdraw some money. What are the penalties (if any) I am looking at?

Thank you

EDIT: My tax advisor says that you can withdraw only one time / yr without penalty. More than once, and there will be penalty

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MrChrister
MrChrister
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I have a TFSA account to which I have contributed 5000 yearly since past 3 years. Now in emergency, I need to withdraw some money. What are the penalitespenalties (if any) I am looking at?

Thank you

I have a TFSA account to which I have contributed 5000 yearly since past 3 years. Now in emergency, I need to withdraw some money. What are the penalites (if any) I am looking at?

Thank you

I have a TFSA account to which I have contributed 5000 yearly since past 3 years. Now in emergency, I need to withdraw some money. What are the penalties (if any) I am looking at?

Thank you

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Victor123
Victor123
  • 16.1k
  • 38
  • 130
  • 232

Is there a penalty if I withdraw from TFSA?

I have a TFSA account to which I have contributed 5000 yearly since past 3 years. Now in emergency, I need to withdraw some money. What are the penalites (if any) I am looking at?

Thank you