Recommended strategy for investing with home equity?

Yes. If the loan is invested in income producing investments like dividend stocks, bonds, real estate (rentals) etc it can be tax deductible. Keep in mind, it has to be in a taxable account.

In this situation, because the original asker is putting it into a TFSA, it would NOT be tax deductible

And the interest is tax deductible correct when using home equity to invest correct?

My plan was to dollar cost average the amount over a few months. If I were to see a drop while I was dollar cost averaging I would buy more but I wouldn't be panic selling. The money will be staying there for at least 5 years and if I'm not in the green then it can stay there another 5 years. I think I'm looking at a balance of growth ETFs and dividend ETFs I came up with a shortlist before I joined the site which included, VEQT, VFV (S&P 500), ZNQ (NASDAQ), XIU (TSX). I can stomach volatility as my plan is not to even look at my portfolio that often which I have been doing for last few years. Thanks!

The strategy is one a lot of investors do utilize.

If you're able to handle the risks of using home equity to invest in the stock markets, then it is a strong strategy. Best way to judge whether or not you'd be able to handle this, is imagine you doing this, and next week the markets take a dive by 35%. The $140k in your TFSA now looks like $90k~. What's your reaction going to be? Panic selling can be life changing. Toughing it out and paying interest on a HELOC that is now worth nearly $50k less in the markets is mentally grueling.

There's a reason why we never pick strategies for individuals. It's because we know nothing about them personally. Their goals, their strategies etc.

But strategy aside, what kind of ETFs are you looking for? Canadian, US, low volatility, high yield, dividend growth?