In this article:
Overview
You can withdraw funds from your Tax-Free Savings Account (TFSA) at any time without penalties. When you withdraw funds, the amount you withdraw is added back to your contribution room on January 1st of the next calendar year.
For example, if you withdraw $5,000 from your TFSA in 2025, your 2026 contribution room will increase by $5,000. This amount would be in addition to the annual contribution limit for 2026 and any unused contribution room from previous years. You can check your TFSA contribution room in your Canada Revenue Agency My Account.
Before you withdraw
You must have enough cash available in your account to make a withdrawal.
If you're withdrawing from a self-directed investing 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 you can withdraw it.
- There aren't any tax implications for selling stocks in a TFSA.
Withdraw from your TFSA
Follow these steps to withdraw from your TFSA:
- Log in to the Wealthsimple app on your mobile device
- Select an account
- Tap Move money
- Select an account to deposit the funds into
- Tap Next
- Enter an amount to withdraw
- Tap Next
- Review the details and tap Submit
Tip: You can also select the Move tab to make a withdrawal.
- Sign in to your Wealthsimple account
- Select Move money from the Home page
- Choose an account to withdraw from
- Choose an account to deposit the funds to
- Enter an Amount to withdraw
- Select Next
- Review the details and select Submit
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