Get Your Free Tfsa Report
Your Income Range
Regular Investment
Rate of Return
Lump Sump
Term of Investment
  (In Years)
For illustrative purposes only, not for financial planning. Please read the assumptions.
Tfsa Information
Further Reading
Stay informed
Subscribe Using RSS
Meeting Unforeseen Needs with the TFSA

Meeting Unforeseen Needs

  • Michael and Diane, who earn a single-income as a couple, have been saving in their TFSA’s for seven years. Together, they have saved $53,000.
  • Recently a thunderstorm has caused major damage and extensive repairs to the foundation of their house. In order to cover the costs of the repairs they withdraw $50,000 tax-free. They will be able to re-contribute this amount in the future.
  • Using a TFSA Michael and Diane are able to cover the unforeseen emergency repairs and do so without reducing their available contribution room.

This entry was posted on Friday, April 25th, 2008 at 8:19 am and is filed under Advice. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Leave a Reply


TFSA&Kids »

Find the latest information about the TFSA
  More Details

TFSA Couples »

Learn the best strategy for your partners TFSA
  More Details

TFSA Seniors »

Read more about your retirement and the TFSA
  More Details