Are TFSAs the right approach for Ontario widower to give his kids money without risking his retirement?

2026-02-06 - 11:05

Q. I’m 59 years old, a widower for over ten years and have three kids, ages 14, 19 and 21. My goal is to help them financially for the future. I make just over $100,000 in the Ontario bureaucracy. I owe $59,000 on my mortgage that I want to pay off before I retire in about three years. I pay $1,700 a month in mortgage payments. I estimate I will earn about $40,000 annually in Ontario pension and I plan on working one full year or more after I have paid off the house. So about $1,000 a month will go to the kids every month for at least 12 months. This money will likely go into tax-free savings accounts (TFSAs) and/or stocks for them. Is that a good move? I’m also planning on getting a part-time job in retirement, so I’m guessing around $40,000 a year will be added to my pension income for a few years. Read More