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Posts Tagged ‘Strategies’
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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Savings For Post-Retirement Needs

March 21st, 2008

Savings for Post-Retirement Needs

  • Gilles and Antionette are retired and living comfortably on Gilles’ pension.
  • Antionette also receives a small pension based on the number of years she worked after raising their children.
  • They would like to save Antionette ’s pension each month and use it to spend the winter in Arizona.
  • The TFSA will provide them with an effective means to save for their trip down south each year.
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