FAQ: Where Do TFSA/FHSA Gifts to Children Get Entered on the Platform?

TFSA/FHSA gifts to children can be entered as outgoing cash flows or one-time expenses. Here's how to do it:

Steps to Enter TFSA/FHSA Gifts to Children:

1. Select the Expense Type:
   • Navigate to the Projections Section of the platform.
   • Add a one-time expense or recurring expense if you are planning gifts that will be given annually (for example, contributing to children's TFSAs or FHSAs).
2. Specify the Amount:
   • Enter the amount of the gift (e.g., $14,000 annually for each child). Remember that this is entered in today’s dollars.
3. Set the Timeframe:
   • Define when the gift starts (e.g., at age 65).
   • Set the duration of the gifts, such as giving annually for 10 years (from age 65 to 74).
4. Impact on Spending:
   • These gifts will now appear in the spending section as outgoing cash flow. They will affect the overall plan, impacting their net worth, success rate, and how assets are withdrawn to meet the gift commitments.