If you are confused about a tax rule, ask the IRS, and they give you wrong information they can still fine or jail you for listening to them.— Adam Lawson (@cigarsandlegs) August 8, 2022
Only a moron thinks like Eric does. https://t.co/KEilDCN8O6
Yup. Here in Canada, we have got a Tax Free Savings Account in which one can put a maximum of $6,000 a year. If you take money out, then its added to the contribution room. Here's the catch: that amount cannot be deposited back in the calendar year in which the withdrawal was made.
Now, if you login to the Canadian Revenue Agency (CRA) website, then you can find the page where it clearly states your contribution room for the current year. Of course, that number could very well be false if your local bank(s) didn't correctly notify the government about all your contributions and withdrawals over the years. So, if your overcontribute, then you pay heavy fines (1% per month for your extra amount).
In other words, can't trust the government info, can't trust your bank. You have to keep your own meticulous records.