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An Effective Vehicle for Your Lifetime Savings Needs

  • Clarence withdraws $20,000 tax-free from his TFSA to go back to school. Clarence will be able to re-contribute the $20,000 to his TFSA in the future without affecting his other available contribution room. Had he used his RRSP savings, he would have needed to withdraw up to $37,000 to pay taxes and cover the cost of his schooling, and this contribution room would have been lost.

This entry was posted on Sunday, May 18th, 2008 at 8:22 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.

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