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Legal Ease
Legal Ease, Lawyer
Category: Canada Tax
Satisfied Customers: 99401
Experience:  Lawyer
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Is this free? how much? can I use my line of credit in my

Customer Question

is this free?
JA: The accountant's require payment for their services. It's way less expensive on JustAnswer than face-to-face would cost.
Customer: how much?
JA: The accountant will know how to help. Please tell me more, so we can help you best.
Customer: can I use my line of credit in my tfsa and write off the interest paid each year?
JA: Is there anything else the accountant should be aware of?
Customer: income about $45000/yr. retired -65 in feb. 2017
Submitted: 7 months ago.
Category: Canada Tax
Expert:  Legal Ease replied 7 months ago.

Hello! My name is***** you for your question. I'm reviewing it now, and will post back again shortly.

Expert:  Legal Ease replied 7 months ago.

You cannot write off the the interest paid as that interest in not being used to earn income.

A TFSA is not an instrument that allows you to do anything more than earn interest in it without having to pay tax on that interest.

Does that clarify the law?

Please feel free to post back with any follow-up questions you may have. If you don't have any then I hope I have earned a 5 star rating but if you don't feel that I have please don't hesitate to reply back and let me know what more I can do to assist you. Finally, please know that even after you rate me I will be here for you and you can ask follow-up questions if you think of them later on at no further charge of course.

Expert:  Legal Ease replied 7 months ago.

Is there anything more I can help you with at this point in time?