Taxpayers hit with penalties on tax-free savings accounts

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pratickm
Member since: Feb 04

Posts: 2831
Location: Toronto
Post ID: #PID

Posted on: 16-10-10 09:12:39

Quote:
Originally posted by birentoronto
I have 10,125 in my TFSA (accumulated over 2 years plus interest).

If I withdraw it all, in 1st Nov 2010 - can I put back 10,125 back or just 10,000 in 2011?
Thanks

After Jan 1st, 2011, you can put back $10,125 + 5,000 = $15,125 into your TFSA.
You must not add any contributions prior to 1st Jan 2011.

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birentoronto
Member since: Sep 08

Posts: 122
Location:
Post ID: #PID

Posted on: 22-10-10 14:33:10

Thank you.

Quote:
Originally posted by pratickm

Quote:
Originally posted by birentoronto
I have 10,125 in my TFSA (accumulated over 2 years plus interest).

If I withdraw it all, in 1st Nov 2010 - can I put back 10,125 back or just 10,000 in 2011?
Thanks
After Jan 1st, 2011, you can put back $10,125 + 5,000 = $15,125 into your TFSA.
You must not add any contributions prior to 1st Jan 2011.

Contributors: pratickm(7) imwhoever(3) newton(2) Iceberg(2) birentoronto(2) Pramod Chopra(1) sumjo(1) sudesingh(1) benparsad(1) rajcanada(1) ftfl(1) DesiTiger(1)

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