I haven't run through it and I'm at work so I probably can't, but what if you use the smith to gain dividends from a HELOC and all the dividends go in to your TFSA and get reinvested in there, after that gains some momentum you can then use this as collateral to secure
an additional line of credit to snowball your smith to new higher heights.
You may also choose to take out
an additional line of credit with your new mortgage lender.
Just because you qualify for a mortgage doesn't mean your lender will approve
an additional line of credit.
Not only do you still have your original mortgage to make payments on but now you have
an additional line of credit to make from the failed business.
If you've already paid down your debt, but your score hasn't refreshed wait for this to process before applying for
an additional line of credit.
A low credit score can prevent you from obtaining financing and
additional lines of credit — bad news if an unexpected emergency happens and you are low on funds.
The benefit is that now both of you will have access to
additional lines of credit to make purchases for the family.
Additionally,
your additional line of credit can give your overall credit score a boost.