If you’re like many Canadians, paying down your mortgage and contributing to your RRSPs are two top financial planning priorities.

TFSA balances are often low due to a lack of contributions and other financial priorities. Another reason why TFSA balances are low is underfunding. Sadly, many Canadians are using High-Interest accounts within their TFSA rather than choosing equities.

The need to Hack Your TFSA is due to an income gap at retirement. Many people retire before receiving their Canadian government benefits such as CPP and OAS. This creates a retirement income deficiency and without having adequate TFSA balances to bridge this gap, retirees may be forced to use their RRIF much earlier than expected.

This strategy is for people who are at least 10 years or more from retirement and have equity in their home. Before considering this Retirement Hack to Maximize Your TFSA, you should determine your TFSA contribution room.

To find your TFSA contribution room visit these CRA Government websites:

Visit My Account: https://www.canada.ca/en/revenue-agen…

My CRA: https://www.canada.ca/en/revenue-agen…

Phone: 1-800-267-6999

Check out these videos: Will I Have Enough Money To Retire:

How Much Money Do I Need To Retire In Canada https://youtu.be/17iIHBd6Gu4

Learn the Best Time to Start Receiving your CPP Benefits https://youtu.be/UCmxvNrn-hA

How much money do I need to retire in Canada comfortably https://youtu.be/1nFlaprSGz8

When it comes to using a Tax-Free Savings account many people are not taking advantage of its primary purpose…to allow your money to compound on a Tax-Free Basis.

Many people treat their TFSA like a revolving door, depositing money only to take it out within the same year. This defeats the purpose of using a Tax-Free Savings Account. Additionally, many investors are investing in High Intrest Savings within their TFSA rather than equities.

A TFSA can hold a wide variety of securities such as stocks, bonds, mutual & segregated funds, and GICs.

Watch this video to learn how to Supercharge your TFSA? It’s not what you think and you’re going to be surprised.