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Posts Tagged ‘Applications’

Using Your TFSA to Get Educated

May 18th, 2008

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.

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Starting a Small Business with Your TFSA

May 1st, 2008

Full Flexibility to Withdraw and Re-contribute

  • Bob is able to save $4,000 a year for 10 years in a TFSA.
  • After 10 years of working he comes across a business opportunity and decides to invest.
  • Bob withdraws $40,000 of his TFSA savings, tax-free.
  • Later, Bob receives a great return on his business investment and decides to re-contribute the $40,000 to his TFSA. He may do so without reducing his other available contribution room.
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Meeting Unforeseen Needs with the TFSA

April 25th, 2008

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.
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