The money you put in your TFSA was already taxed when you earned it . Anything you earn in the TFSA is not taxed and there are no penalties or additional taxes when withdrawing . The year you turn 18 , you get that year ' s contribution limit and every year thereafter . So if you turned 18 in 2015 , you would have gotten $ 10 , 000 contribution room and an additional $ 5 , 500 for this year 2016 for a total of $ 15 , 500 . Next year , you will get an additional $ 5 , 500 of contribution room , for a total of $ 21 , 000 . You can contribute however much you want , whenever you want , up to your cumulative total . <| sep |> If that ' s a fact , I assume you have substantial evidence proving that claim . Something that doesn ' t come from huffpo or any equivalent .