If you ever have reason to meet two or more goals with a TFSA at the same time, you need a method to separate the investments for each objective. Here are three ways to meet multiple goals simultaneously.

Designate specific investments. You can designate specific investments in your TFSA to meet each goal. For example, you could hold high-interest savings as an emergency fund and equity mutual funds to help support your retirement.

Open another TFSA. You can have two or more TFSAs, provided you treat your contribution limits as if the TFSAs were one account. Some mutual fund investors prefer the clarity and simplicity of using a single TFSA to monitor their progress toward a specific goal, such as dedicating a TFSA to complement a Registered Education Savings Plan (RESP) when funding a child’s education.

Use both spouses’ TFSAs. A couple can save for two different financial goals by designating each spouse’s TFSA for one goal.