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How do withdrawals impact my Mutual Fund TFSA contribution limit?

Here's how withdrawals affect your mutual fund TFSA contribution limit

If you withdraw money from your Tax-Free Savings Account (TFSA), you will have to wait until the next year to recontribute, but you can carry forward the recontribution room indefinitely.

For example, if you contributed the maximum amount available to your TFSA in January of last year and again in January of this year, and then this summer you withdraw $3,000 to pay for some repairs to your home, you cannot recontribute that $3,000 this year. However, it will be added to your contribution room again for next year, which means you could contribute an additional $3,000 next year.

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