Overview
Unlike other registered accounts, there are no limitations to withdrawing funds from a TFSA. However, it is important to note that once you make a withdrawal, you will not re-gain your contribution room until January 1st of the following calendar year.
You contributed the maximum amount to your TFSA every year after you turned 18 until 2018. Then in March 2018, you decided to withdraw $10,000. The normal annual contribution maximum would have been $6,000 in 2019, but because you withdrew funds in 2018 your actual contribution room for 2019 would be $16,000 ($6,000 + $10,000).
Before you make a withdraw
You must have enough cash available in your account to make a withdraw. If you're withdrawing from a self-directed account, you may need to sell some shares if you don't have enough cash available to withdraw.
Cash generated from a trade must settle for 1 business day before it can be withdrawn.
Withdraw from your TFSA
When you're ready to withdraw funds from your TFSA, you can set up a withdrawal through your account:
- Log in to the Wealthsimple app on your mobile device
- Tap the Move tab at the bottom of the screen
- Tap Withdraw
- Select the account to withdraw from
- Tap Next
- Select a bank account to deposit the funds into
- Tap Next
- Enter an amount to withdraw and tap Next
- Review the details and tap Submit
- Sign in to your Wealthsimple account
- Select Move from the top menu
- Select Withdraw
- Choose an account to withdraw funds from
- Select Next
- Choose an account to deposit the funds into
- In the Amount field, enter an amount to withdraw
- Review the details and select Set withdrawal
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