May 28, 2018
My contribution limit for 2017 was 40K. I had 20K in TFSA at tangerine, i transferred that amount to another TFSA with Alterna Bank. When i did the transfer i was told that by doing a normal transfer of all the 20K i would have used up my limit for 2017 because it is considered as an additional contribution. However, in 2018 i will be getting that amount back. Now my contribution limit is only 20K and i have zero $ in any TFSA.
Did i lose the 40K limit forever or when i will be getting it back ?
October 21, 2013
I don't completely follow what you have written.
However, any funds which you transferred DIRECTLY from one financial instuttion's TFSA to another one are protected. If the financial institutions arranged the transfer, the money remains legitimately in your TFSA.
But if you took the money out of the TFSA yourself, deposited it into a bank account, however briefly, you must wait until the next calendar year to re-deposit it into TFSA.
Any amount that is withdrawn from a TFSA by you is never "lost" as contribution room under current rules. You may re-deposit it the following calendar year. This includes any interest, income or profit earned on the money while it was in the TFSA. Whatever came out may go back in - the next year or in some future year.
This is different from the rules for RSPs. If you withdraw money from an RSP, it is gone forever, and you may not re-contribute it later unless it was under the home buying plan etc. Perhaps the person you were speaking to was thinking of RSPs.
November 21, 2015
Hasan, below is a link explaining your situation:
If you are totally lost, not sure what kind of "normal" transfer(s) were choosen, then, if no money is locked, you can withdraw ALL you've got in ALL your TFSAs everywhere so that all withdrawals are COMPLETED before 31-Dec-2018. Then on 01-Jan-2019 you will have: $57,500 + $X,XXX/for2019. (The $X,XXX contribution limit for 2019 not announced yet).
Info from CRA regarding your current limit might not be up-to-date.