请高手帮忙解决TFSA的问题

[wiiwii]

From CRA's pamphlet regarding TFSA:http://www.cra-arc.gc.ca/E/pub/tg/rc4466/rc4466-e.html

Example 1
In 2009, Sarah contributed $5,000 to her TFSA. In 2010, she makes another $5,000 contribution to her TFSA. Later that year, she withdraws $3,000 for a trip to Europe. Unfortunately, her plans change and she cannot go. Since Sarah already contributed the maximum to her TFSA earlier in the year, she has no TFSA contribution room left. If she wishes to re-contribute part or all of the $3,000, she will have to wait until the beginning of 2011 to do so. If she re-contributes before 2011, she will have an excess amount in her TFSA and will be charged a monthly tax of 1% on the highest excess TFSA amount for each month that an excess exists in the account.

Example 2
In 2009, Carl is allowed to contribute $5,000. He contributes $2,000 for that year.
2009 TFSA dollar limit: ............................................................... $5,000 2009 contributions: .................................................................- $2,000 Unused TFSA contribution room
available for future years ................................................................ $3,000
In 2010, Carl does not contribute to his TFSA, but he makes a $1,000 withdrawal from his account.
2009 unused TFSA contribution room ...................................... $3,000 2010 TFSA dollar limit ............................................................+ $5,000 2010 unused TFSA contribution room
available for future years ........................................................... $8,000
Carl's unused TFSA contribution room for 2011
2010 unused TFSA contribution room ................................................................................................ $8,000 2010 withdrawal ......................................................................+ $1,000 2011 TFSA dollar limit ............................................................+ $5,000 2011 Unused TFSA contribution room at the beginning of 2011....................................................... $14,000------

So I tend to agree that the you could deposit $500 + $15000 + $5000 back to TFSA for the next calendar year without penality, however it's only hypothetical, I doubt you would get even 100% return to the initial 5k investment, so in reality, I don't think this will be an issue. But as it is clearly stated in another example in the above CRA handout:

Investment income earned by, and/or changes in the value of TFSA investments will not affect your TFSA contribution room for the current or future years.

Example
John was eager to open his TFSA. He contributed the full $5,000 on January 2, 2009. On the advice of his broker, he had opened a self-directed TFSA and invested in stocks that over performed the market. By the end of 2009, the value in John’s TFSA had increased in value to $6,800. John was worried that for 2010 he would only be able to contribute $3,200 (the TFSA dollar limit of $5,000 for 2010 less the $1,800 increase in value in his TFSA through 2009). Neither the earnings generated in the account nor the increase in its value will reduce the TFSA contribution room in the following year, so John can contribute up to another $5,000 in 2010 to his TFSA.

I would also suggest to take a look at Gord Pape's book on TFSA. He would have covered all scenarios.

now the question is : that 1000$ is the money he made or not?
if it is not then we still not sure what is the right answer

 

[ccc]

now the question is : that 1000$ is the money he made or not?
if it is not then we still not sure what is the right answer

regardless (how could it be identified?).

 

[ccc]

似乎是每年可以存5000，取出后，不能再存进去。还是很糊涂。

This room is there, but it can only be used in the following year. You cannot 取出后，再存进去 in the same year.

 

[wiiwii]

regardless (how could it be identified?).

that's why i have a feeling what my bank told me is true.

does not matter how much you withdraw when you transfer money back the balance of your TFSA account must be equal or below 5000$

 

[ccc]

取出的钱，包括利息，或者股市收益等，都算下一年的额度，不能立即增加当年额度。当年额度用满，只能等下一年，可以存进去。

Correct.

Regardless if it was 利息或者股市收益. (Well, how can it be identified as for what is what in the account?)

 

[wiiwii]

This room is there, but it can only be used in the following year. You cannot 取出后，再存进去 in the same year.

that is sth I am not sure since at that time my bank told me a different story

 

[BobtheBuilder]

now the question is : that 1000$ is the money he made or not?
if it is not then we still not sure what is the right answer

I don't think it matters. I believe one big difference between TFSA and RRSP is, that the withdrawal from TFSA can be put back and added onto the contribution limit in the following year, regardless it's the initial investment or the revenue it generated, while you lose RRSP room once it's withdrawn (HBP and LBP are two exceptions).

So like I said, I agree that the s/he could deposit $500 + $15000 + $5000 back to TFSA for the next calendar year without penality, however it's only hypothetical, I doubt you would get even 100% return to the initial 5k investment, so in reality, I don't think this will be an issue.

 

[ccc]

that's why i have a feeling what my bank told me is true.

does not matter how much you withdraw when you transfer money back the balance of your TFSA account must be equal or below 5000$

这个理解不对。

正确答案是：

取出的钱，包括利息，或者股市收益等，都算下一年的额度，不能立即增加当年额度。当年额度用满，只能等下一年，可以存进去。

 

[lindamy]

This room is there, but it can only be used in the following year. You cannot 取出后，再存进去 in the same year.

懂了，谢谢！

 

[BobtheBuilder]

I don't think it matters. I believe one big difference between TFSA and RRSP is, that the withdrawal from TFSA can be put back and added onto the contribution limit in the following year, regardless it's the initial investment or the revenue it generated, while you lose RRSP room once it's withdrawn (HBP and LBP are two exceptions).

So like I said, I agree that the s/he could deposit $500 + $15000 + $5000 back to TFSA for the next calendar year without penality, however it's only hypothetical, I doubt you would get even 100% return to the initial 5k investment, so in reality, I don't think this will be an issue.

Found what Gordon Pape said about this, scroll to the bottom of the page:

http://www.buildingwealth.ca/promotion/tfsa.html

 

[ccc]

that is sth I am not sure since at that time my bank told me a different story

You could not 取出后，再存进去 in the same year, unless you had that room for the year.

 

[dkwan]

Do all of you need a seminar on basic TFSA rules?

 

[mengxingshifen]

I am shocked after I read the above post. I made horrible mistake. I thought I can withdrow and deposit as many time as I want as long as I keep the total amount under 10000 for 2 years.
I did so several time this year, the interest would be huge. What should I do now?
Crying...

 

[JK Ottawa]

Thanks everybody!

I almost make big mistake too. I will wait till the next year to do something.

I did not realize CFC is so useful.

 

[dragonLinux]

Do all of you need a seminar on basic TFSA rules?

There is a problem that after I got 2009 tfsa return I realized that we made big mistakes, what happened in 2009, it happened in 2010 too. Can we appeal CRA to remove the penalty tax for 2010 too in one letter?

thanks,