Using TFSA to pay down the mortgage?
So I bought a house last year and I'm considering using my savings in from the TFSA to pay down a large chunk of my mortgage. I know I can make larger percentage gains from my investments in TFSA than the interest paid, but I just hate having debt. Also market gains aren't guaranteed especially with all the trade war stuff going on. Mortgage interests rates are guaranteed so I kind of would rather just plop down a chunk of money so I can be closer to finishing my mortgage by a couple of years.
I've done some reading on TFSA and from my understanding this is what I plan to do
1. clear out my TFSA this year (2019).
2. Then next year (2020) I would have the yearly contribution limit plus the cumulative contribution limits from all other years since TFSA began.
Is this correct?
Starting from 0 would also let me keep track of things easier. I haven't kept track of things at all and don't know what price I bought things and and how many shares I initially bought and its all just a mess.
I've done some reading on TFSA and from my understanding this is what I plan to do
1. clear out my TFSA this year (2019).
2. Then next year (2020) I would have the yearly contribution limit plus the cumulative contribution limits from all other years since TFSA began.
Is this correct?
Starting from 0 would also let me keep track of things easier. I haven't kept track of things at all and don't know what price I bought things and and how many shares I initially bought and its all just a mess.