Your TFSA withdrawal doesn’t permanently reduce your contribution room. The amount you withdraw is generally added back to your contribution room in the following calendar year. But this does NOT work the same way for an RRSP — an RRSP withdrawal is generally taxable and does not restore your contribution room.
And if you’re using an FHSA, remember: eligible contributions can give you a deduction, but FHSA withdrawal rules are completely different from TFSA withdrawals.
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If you haven't filed your 2020 or prior years taxes, contact me. I'll prepare and e-file your tax return to CRA. Inexpensive Tax Filing.
Send me a direct message, or email me at [email protected] or text at 778-865-3124.
06/18/2026
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Providing services all across Canada 🇨🇦
Tax by Ash
📱778-865-3124
📧 [email protected]
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04/10/2026
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