A reader wants to know: She took out $30,000 from her plan. Can she put it back?
Q – I have the maximum allowable in my TFSA ($57,500) plus my considerable earnings through your advice. In 2017, I took $30,000 for a project. Can I repay the $30,000 into the TFSA? I think not but please confirm. – Kaaren B.
A – Yes, you can recontribute the $30,000 at any time. Since you made the withdrawal in 2017, that amount was added to your 2018 TFSA limit, bringing the total for this year to $35,500 ($5,500 is the standard annual contribution limit). The rule is that you can recontribute any withdrawals, starting in the year following the date when the money came out of the plan. – G.P.