Discussions

In my CRA account, there are some TFSA money is there, how would I withdraw from it???

Isn't that just the amount of room you have left to put into a TFSA?

You can add and remove money at anytime like a normal bank account. Just don’t do it excessively or you might get an audit from the cra. They don’t want you shuffling money around just to make the books look good.

Please explain how moving money around would make your books look better or worse? Unless you don't declare everything it won't make a difference at all.

1. The amount you see on your CRA account is your contribution room, or how much money you are allowed to put into your TFSA. As of 2019, we are allowed to contribute a lifetime maximum of $63,500. This amount increases annually. See https://www.moneysense.ca/save/investing/tfsa/tfsa-limit-max-contribute/  
 
2. If you have a TFSA, it will be with a bank, credit union, or financial advisor. Log into your Online Banking or call your advisor to find out how much money you have in that account.  
 
3. Please DO NOT use your TFSA as a chequing account. It is not meant to be used like that. Adding and removing money within the same year can result in Over-Contribution Fees, even if you didn't overcontribute. (Ex. If you contributed the full $63,500 in January, then withdrew it in June to loan your kid money, then put that money back when your kid repaid you in November, you would be charged an overcontribution fee, as you would have contributed $127,000 in one year)  
 
4. Tax-Free Savings Accounts are tax-free, so holding cash or earning minimal interest is a waste. TFSAs are meant to hold investments such as stocks and mutual funds, and the money earned on those investments is TAX-FREE!  
 
Banks and Credit Unions have a tendency to open TFSAs for clients but use them improperly. There are a number of Financial Advisors in Brandon that can help you invest that money properly.

moonstone said to see a financial advisor...who would you recommend, and what is their fee structure? thanks

As a financial advisor, I don’t charge any fees to a client, for anything. I get compensated from the companies that we do business with.