Yes. Contribution limits refer to the maximum amount you can contribute to your TFSA each year, and contribution room automatically accumulates every year. You can also withdraw from your TFSA anytime you like, but remember that whatever amount you withdraw will not be added back to your annual contribution room until the next calendar year. Unused contribution room also carries over into the next year. Unlike RRSPs, you can’t deduct the amount you contributed from your income in your taxes.