I want to maximize my short term interest gain. Here is my plan:
- Transfer MBNA 0% balance to a TFSA @ 3%
- Pay minimum amount to MBNA for 11 months
- Put aside 1/12th of owing amount (probably in an ISA @ 2.5%)
- Transfer all funds from TFSA to an RRSP
- Get full tax refund for the transfer to RRSP
- Withdraw RRSP under LLP
- Pay back MBNA from ISA
I am a bit confused, when do I need to make the transfer from TFSA to RRSP so I can claim all the amount on my 2013 tax refund? What is the earliest date in 2014 that I can withdraw 10K from the RRSP under the LLP program?
- Transfer MBNA 0% balance to a TFSA @ 3%
- Pay minimum amount to MBNA for 11 months
- Put aside 1/12th of owing amount (probably in an ISA @ 2.5%)
- Transfer all funds from TFSA to an RRSP
- Get full tax refund for the transfer to RRSP
- Withdraw RRSP under LLP
- Pay back MBNA from ISA
I am a bit confused, when do I need to make the transfer from TFSA to RRSP so I can claim all the amount on my 2013 tax refund? What is the earliest date in 2014 that I can withdraw 10K from the RRSP under the LLP program?