Tax Tips for Young Professionals Watch Video
Allan Madan, CPA, CA
Are you a young professional that’s just starting to handle your own finances? Read More…
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The information provided on this page is intended to provide general information. The information does not take into account your personal situation and is not intended to be used without consultation from accounting and financial professionals. Allan Madan and Madan Chartered Accountant will not be held liable for any problems that arise from the usage of the information provided on this page.
ABOUT THE AUTHOR
ALLAN MADAN
CPA, CA
Allan Madan is a CPA, CA and the founder of Madan Chartered Accountant Professional Corporation. Allan provides valuable tax planning, accounting and income tax preparation services in the Greater Toronto Area.
What is the advantage from borrowing $25,000 tax free from my RRSP (and having to put it back) vs. using $25,000 I have in a savings account (no restriction to put it back anywhere)?
Hi Gabriel,
The advantage is that you are able to free-up cash that was otherwise trapped in an RRSP. This cash can be used toward your home purchase, and you can keep the other $25,000 saved in a TFSA until you need access to it.