TurboTax

File with experts
File your taxes
Experts at your fingertips

An expert helps with your taxes, or does them for you
TurboTax Expert Full Service

TurboTax Expert Assist

TurboTax Self-Employed
Prior year taxes
File myself
File myself
Do it yourself

We'll guide you step-by-step
TurboTax Do It Yourself

TurboTax Self-Employed

TurboTax Desktop
TurboTax Free

Activate your product

Prior year taxes
Business
Business
Business taxes

Get your T2 corporate return done right, your way
TurboTax Business

TurboTax Business Desktop
Tax situations
Tax situations
Tax situations

Find extra guidance for your big life moves
For investors

For 25 and younger

For self-employed

For new to Canada

For life changes
Resources
Resources
Resources

Explore tax tools, get tips, and read reviews
Personal income tax calculator

RRSP savings calculator

Learning hub

TurboTax support (FAQ)

TurboTax community
Pricing

Level 1

Question

mutual funds

Forum|Forum|6 months ago
December 22, 2025
2 replies
28 views

taking out money from mutual fund acct and then paying back in same year are there still tax penalties

Level 15

Penalties? Only if it is in a IRA account and you don't replace it within 60 days. For a regular account you might pay tax on it even if you put it back.

Level 15

What exactly do you mean by "taking out money"? If you sold shares of a mutual fund (other than a money market fund) in order to get money out, you have to report the sale on your tax return. You will get a Form 1099-B from the fund showing the sale. If you sold shares at a profit, you have to pay tax on the profit. It's not a penalty, it's regular income tax on the profit from the sale. You have to pay the tax, even if you later put the same amount of money back into the fund.