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Subject repayment rules (the assistance holdback amount), depending how long money from government grants and bonds have been in the plan, and tax consequences.
For information on either of the above, and how the rules apply to your plan, contact your financial institution or a registered financial advisor. There are many different types of account you can use to save, for various savings goals.
Speak to a registered financial advisor to learn more about the different types of savings accounts and which one(s) will work best for your own personal financial needs and goals. Contributions to a TFSA are made with after-tax dollars, and making a contribution to the plan with the lump-sum you received would not prevent you from paying taxes on the sum.