what is the early withdrawal penalty for tfsas 
there is no penalty for any withdrawal from a tfsa that s one of its advantages the canadian government intended for this type of savings account to be used for any purpose whatsoever and not simply for retirement so you can take withdrawals at any time during your life without being penalized for doing so the bottom linetax free savings accounts provide a terrific opportunity to save and invest for any purpose you choose account balances grow tax free withdrawals are tax free as well plus you can take withdrawals any time you wish to tfsas also allow account holders to carry over unused portions of their contribution room to subsequent years plus withdrawal amounts can be added back to the account in the following year this adds to the allowed contribution amount giving a saver even more opportunity to build the value of their account throughout their lives 