Need a place to park $70K - TFSA?
I'm doing an equity pull with a refinance on my mortgage to clear up debt and use the rest for needed renovations. I was thinking of parking about $70K in a TFSA, as I've never used one and have $109K of allowed room. I may not need access to all of at once. If I put $50K of that $70K in an investment, inside the TFSA, for a year or so, any growth off that would just get redistributed back into the TFSA balance, right? If I do need access to the remaining, invested $50K, I could just sell part of the investment shares,correct? Is this a "good" strategy for money I may not need for another year? How "easy" is it to sell shares inside that TFSA, when I need to access it?
u/Ok-Acanthisitta5229 — 3 days ago