Can I withdraw funds from my Tax-Free Savings Account (TFSA)? Will I have to pay any taxes on withdrawal? How often can I withdraw funds?

There is no restriction on the amount or number of withdrawals you make, and withdrawals you make during the year will create contribution room in the following year. All withdrawals are tax-free.

Example :

Contribution limit for year one $5,500
Contribution in year one $5,500

Withdrawal in year one - $1,000
Contribution limit for year two $5,500
Plus withdrawal from year one +$1,000
Total contribution room in year two $6,500

The most important thing to remember is that when you make withdrawals from your TFSA in any given year, the money can't be re-contributed until at least the following year.