FAQ: How to Pay Off Debt With a Lump Sum?

The best way is to use the Debt Payoff Section in the Foundation Phase. You can either enter an extra lump sum payment that will be applied to the highest interest debt, or a debt specific payment by clicking the > next to 'Specific Lump Sum Payments'.

The platform will make this payment with either cash flow, if it is available, or using savings. You can see where this saving draw comes from in the table below the charts in the Projection Section.

If you would like to pay from another account, for example from your TFSA vs Non-Registered, you would need to override the Non-Registered account contribution/withdrawal to $0 that year and then the platform will be forced to pull from the TFSA instead.