One of our main goals in 2021 was replacing money we had taken out of our TFSA’s.
It started with two withdrawals we did in 2017 & 2018 when both my grandma and grandpa passed away and we needed to book last minute plane tickets and car rental (and in the case of my grandma, book a hotel).
Then it was a 2016 withdrawal that we took out to pay down our line of credit after completing a basement remodel.
The last was a 2015 withdrawal we did to pay off our car loan we had sitting on our line of credit. At that time we just had the TFSA’s in a daily interest savings account so it really wasn’t making us money. Which is how we justified the transfer.
In total, between both our TFSA’s, we needed to pay ourselves back $22,361.47. Last week after our bills had been paid I transferred the last amount owing of $2,854.35 to our TFSA’s to complete this goal!
It feels great to pay back what we borrowed from ourselves, even nearly 8 years ago for some amounts. It feels weird because it’s all our money but even with our budget the money in our joint chequing account the “House Money” as if it’s this separate entity we need to bow down too, lol.
We still have over $100,000.00 of contribution room between both our TFSA’s, but that is not a priority for us right now. We still have our automatic monthly and biweekly contributions on autopilot and I’m happy with the chunk of money that is growing tax free for us right now!
- M
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