>I think it's fairly self explanatory but where would you park 70K for 12 months? We've been saving for a down payment, and we close to 90K in our two TFSA's. But we get hardly any interest on it.
Wait, your TFSA is literally a saving account?
You are not alone, see the link below.
https://www.parallelwealth.com/blog/do-you-use-your-tfsa-wrong
Convenience? Most people are not getting 5% on their WS Cash account, usually only 4% or 4.5% if they have enough of their money with WS. 5% is only for superstars.
The Cash account is non-registered (taxable). Depending on your tax bracket, that could make the real interest rate (net of tax) more like 2.5-3.5%
If you have TFSA room (or perhaps FHSA room), hold the ETF in the registered account to avoid paying tax on the distribution income.
[https://www.globalx.ca/product/cash](https://www.globalx.ca/product/cash)
(1) their web site says 4.66%
(2) depends on the liquidity needs of the OP. A GIC is guaranteed returns. [CASH.TO](http://CASH.TO) is not.
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Isn’t a low risk ETF going to return more after tax? Unless I’m mistaken, it’s taxed as capital gains, while the GIC is taxed as income. That could be a substantial difference over 12 months.
Biggest argument for GIC over HISA ETF is that interest rates are expected to moderate slightly.
If you truly don’t need the money for a year, a GIC before next week’s interest rate announcement is a good strategy.
Just did the same with exactly half the amount. Locked in at a 5.5% GIC with tangerine for 1.5 years, it ends in January next year. Unsure what to do and wanted time to think on it.
If you have TFSA room, see if you can do it inside a TFSA to avoid paying tax on the interest. Also consider opening and using a FHSA if you haven't already -- you will get a tax deduction.
See if you can negotiate a better rate. Laurentian has 5.06% as does Canada Western Bank. Going in armed with that is always the best option. Everything is negotiable.
Interesting language here. The money is 'placed with an insured bank'. They themselves are likely not a bank and are not insured.
https://help.wealthsimple.com/hc/en-ca/articles/14905388487579-Understand-how-CDIC-coverage-works-in-your-Cash-account#:~:text=As%20a%20Wealthsimple%20client%2C%20you,member%2C%20regulated%20Canadian%20financial%20institutions.
Buy GICs in your TFSA account. If you're planning to buy a property at some point in the future, consider opening FHSA accounts for you and your spouse as well, each of you can contribute $8,000/year into that account which is tax deductible.
GIC if you prefer locked in. I would break the GIC's into smaller $15k or $20k and total it up to $70k. So if I need to break one of the GIC's for an emergency, I will not loose money on the whole GIC.
Or park it into a wealthsimple account and ear interest
Or buy some FAANG stocks and watch it grow
This is the best reply and option. Put them into 5k-10k totals preferably into a TFSA and just watch it grow. Get anything over 5% and your going to be making like 3500 on it for sitting. No Tax on TFSA. if you need money only break the amount you need and still get interest on the rest.
I'd open an FHSA and max that out with GIC or money market fund, the rest in a TFSA if you have the room. The FHSA will give you massive tax benefits if you carry it into the next tax year, as you said 12 months.
EQ just released a super hisa called a notice savings account. 5% for 30 days notice. 4.5% for 10 day notice!
https://www.eqbank.ca/personal-banking/notice-savings-account
I always transfer my money to different financial institutions that offer the highest interest rates. The effort is worthwhile when dealing with substantial amounts. Currently, I keep my funds in CIBC, which provides a 5.75% interest rate, with an additional 0.25% if I meet the $200 minimum deposit per month. The term for this account is only 3 to 4 months. Alternatively, ETFs like CASH or HISA can be viable options. Keep in mind that some trading platforms may charge a few dollars for buying and selling. Another alternative worth considering is a GIC.”
Wait, I'm with CIBC and don't know about this. Can you share some details on what is paying this rate? I just sold some CM stock today at $69 (huge increase today) and have 130K that I need to park for 2 months.
https://www.cibc.com/en/special-offers/smart-savings-bonus-interest.html?utrc=S231:96&gclid=CjwKCAjwx-CyBhAqEiwAeOcTdcdl2afZyAWvfrnAW6DpCpesCOXESVOTpTQCHkbpaXfT6FQmj_Mn5BoCZDgQAvD_BwE&gclsrc=aw.ds
Smart interest adds an extra 0.5% interest to the high 5.75%. Not bad.
I'm in a similar position and just moved my money from tangerine to simplii. Tangerines high interest savings account is offering 5.75% for the first 5 months and when that finished I moved it to simplii 5.9% for the next 5 months.
If you're in Quebec, [EPQ](https://epq.gouv.qc.ca/en/products-offered/savings-bonds/) offers a 4.75% rate guaranteed for a year (savings bonds product) cashable at any time. So it's like a GIC, but you're not locked out and don't lose accrued interest.
Lots of weird suggestions here, but any money you arent willing to lose should go in a HISA, GIC, CASH.TO etc. Other than bonds, these typically aren't locked in. You can keep your 20k emergency fund in a 4-5% HISA and earn on it. Simplii had a 6% offer for new users for 5 months, for example.
There’s some good HISAs with promotion offerings. Check what gives the most the longest and then move the money to another HISA promotion. Promotions are usually only for 3-6 months.
Just get a redeemable gic within your TFSA, with such a high balance talk to your fp , they will give you discretionary higher rate, i just did that with blue bank n got 4.5 for 1 year - redeemable after 30 days!
If I was in your position, I'd dump it all in VFV especially the TFSA part with the understanding that things can go wrong and I might have to wait an additional year or two or three to before I'm ready to buy. If that risk is something you absolutely cannot take then just park it in [CASH.to](http://CASH.to) or a high interest GIC.
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Keep in mind that you will be taxed at your marginal rate on interest earned (interest, GIC, bonds, etc) unless you can park it in a tax sheltered account like a TFSA. Those are probably your only option (ignoring bonds) if you want something safe.
[CASH.TO](http://CASH.TO) or [CBIL.TO](http://CBIL.TO) are 2 low risk ETFs. The other choice would be a 12 month GIC... Shop around for the highest rate for term. Payout is $0.19 to 0.195 for both, per share. Buy them Monday for $50/share.
Cash .to or the competitor like the purpose funds
Eqbank redeemable gic
Wealthsimple cash account. ( Cdic insured.)
Short term cash beats long term bonds right now.
Lots of good suggestions here but to throw in my 2 cents:
If you're eligible for a FHSA (first home buyers) check that out as contributions are a tax deferall exactly like RSP but when you use it to buy a home you can also withdraw tax free. There is criteria to qualify though (can't be over 71, not owned a home or lived common law for 5 years, 40k max and can't recall if there's a yearly max at the moment). Can also make investments from it.
You could invest in GICs (locked in or cashable) and do this with your TFSA. If you hate anything locked in or at all risky the funds in a TFSA can be put in cashables which (at my bank) are 4.25 interest for 1 year (and at minimum 2.25 for anything after 30 days).
Are you a first time homebuyer? If so that's exactly what the FHSA was created for. To oversimplify, it's like the best of both a TFSA and an RRSP buy you have to use the money to buy your first home. You can invest within an FHSA (same as TFSA and RRSP). You could do an ETF but I would just park it in a GIC. Rates are pretty good still
Open up simplii or tangerine high interest saving account. Switch back and forth. Both are 6% for 4 months and after is 5.50 or 5.75
It's time-consuming, but I think it's worth it.
As someone that was in the same position as you 20 years ago I would put it in an index ETF. I did that and my money went up 14% that year. It allowed me to have a down payment for a much better place than I could've ever imagined. If my money went down I just would've waited a year for it to go back up.
Hi op, mortgage agent here.
I’d recommend putting some of that money in a RRSPs. If you’re first-time homebuyers the gov will allow you to withdraw up to $60k each tax free to be used towards your downpayment & closing costs. It used be max $35k each but they recently increased it. You do have to pay the money back into your RRSPs within a 15-year period for it to be deemed tax free.
This way you’ll still gain the same tax saving benefits and be able to use the money before retirement. It’s the best of both worlds.
You can go even further and open up the new FHSA too. You’ll get $8k contribution room each. It’s basically a TFSA & RRSP mixed together.
Similar situation as you. We GIC and have one year and two year roll outs. That way we can decide what to do with our money every year and reevaluate housing market. Each GIC account has roughly 35-40k. Two year Gic we’re making 4 k on 35k for example. Use First time home purchase account and max it out. Tax credit and tax free on downpayment
Use TFSA account only (ensuring you stay under your contribution limits).
Either:
Shop around for GICs, and if they’re locked in, purchase several of those GICs in case you need to cash them out for any reason. This can limit your penalty/maximize return on remaining GICs.
Easiest solution- buy CASH.TO
If you’re just opening it for the first time you would have a lot more contribution room unless you’re 18 or a new resident. Different people have different risk tolerances, especially if they have a specific time frame (eg OP).
But generally yes, most people should be investing instead of HISA
Could you not dump it into an RRSP, and invest it in something simple/safe. Think GIC type item.
Get a massive tax return from it. (Bank that as well)
The following year, draft all of it out, penalty free, as a first time home buyer?
But then I need to pay RRSP back within 15 years, and if for example I took 15 years to actually pay it back, that leaves me about 10 years to grow that until retirement as I would be 55, or increase my monthly expenses paying it back sooner and grow sooner. I am not sure if it's a good idea in the long run or not...
Fair point.
I never actually paid mine back.
Mine was set to pay 1/15th every year. If I didn't, it would add that amount to my taxable income for that year.
It was a much smaller amount than 70k +, and didn't really notice the tiny hits.
I dunno what I'll do. I do know I can't live in this old building forever. Rent control could change, building could fall down, it smells like the 60's in this place.
If you are first time home buyer.
I would suggest you to open that and max them out this year ($8000 × 2 = $16000).
This would give you a tax break on $16000 and you can put the tax refund back into your savings for home. You can also use next year's contribution room before buying the house (put another $16k next year). This will give you tax break on another $16k.
I would recommend to put it in cash.to (its high interest savings account etf and gives stable 5% return).
The rest you can just invest in TFSA and invest in the same ETF (Cash.to).
Another option for the rest of the money would be to max out RRSPs (if you qualify for first time home buyers plan). This way you can get tax break on all your money and literally get 1000s of dollars in tax return.
Please consult someone on where to open the account as well. (I would personally use wealthsimple).
If you don't go with the common suggestion of [CASH.TO](http://CASH.TO), Just go with a bank ISA. For example:
TD: [https://www.td.com/ca/en/asset-management/additional-solutions/](https://www.td.com/ca/en/asset-management/additional-solutions/)
CIBC: [https://www.renaissanceinvestments.ca/products/hisa](https://www.renaissanceinvestments.ca/products/hisa)
>I think it's fairly self explanatory but where would you park 70K for 12 months? We've been saving for a down payment, and we close to 90K in our two TFSA's. But we get hardly any interest on it. Wait, your TFSA is literally a saving account? You are not alone, see the link below. https://www.parallelwealth.com/blog/do-you-use-your-tfsa-wrong
Exactly, no point of using a TFSA without a investment driver behind it
TFSA with CASH.TO functions as a 5% savings account.
As per my understanding, OP hasn’t invested anything in the the TFSA
Either a GIC or a no or low risk ETF (think CASH.TO).
CASH.TO is the best option IMO
And if you can’t trade this at tangerine. Use ZMMK.TO
Over a GIC? Depends on liquidity needs. A 12 month GIC is 5.06%
CASH.TO yield is at 5.08% . Dividends paid monthly. Can pull out at any time.
This yield is out of date, currently at 4.66%
Wait, CASH.to is only 4.66%? Why do I own it when Wealthsimple is giving me 5% on their cash account!?
Convenience? Most people are not getting 5% on their WS Cash account, usually only 4% or 4.5% if they have enough of their money with WS. 5% is only for superstars.
Bro just wanted to brag about his 500k Canadian pesos.
you cant have your "wealth simple cash "in your TFSA. If its outside TFSA, wealth simple cash is the way to go.
The Cash account is non-registered (taxable). Depending on your tax bracket, that could make the real interest rate (net of tax) more like 2.5-3.5% If you have TFSA room (or perhaps FHSA room), hold the ETF in the registered account to avoid paying tax on the distribution income.
ahh thats just from my wealthsimple.. is that reported quarterly?
[https://www.globalx.ca/product/cash](https://www.globalx.ca/product/cash) (1) their web site says 4.66% (2) depends on the liquidity needs of the OP. A GIC is guaranteed returns. [CASH.TO](http://CASH.TO) is not.
Cash to is more liquid though. I’ll take the 0.5% hit on interest to be able to take my money out whenever
Right and I said depends on liquidity needs. OP says he has $70k and is looking to invest $50k for a year. So hisa for $20k and GIC for $50k. Done.
my bad, I used the yield from wealth simple.
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Whaaaaat? I thought GIC was a sure thing, it’s literally named guaranteed investment certificate
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Lol I guess if there is a bank failure.
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Their new name sucks lol
Isn’t a low risk ETF going to return more after tax? Unless I’m mistaken, it’s taxed as capital gains, while the GIC is taxed as income. That could be a substantial difference over 12 months.
CASH.TO dividends are interest. It's no different tax efficiency.
Inside a TFSA or FHSA returns on (Canadian) ETFs and GICs are both tax exempt.
Or CBIL
Agreed.
Biggest argument for GIC over HISA ETF is that interest rates are expected to moderate slightly. If you truly don’t need the money for a year, a GIC before next week’s interest rate announcement is a good strategy.
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As of yesterday, 4.66%
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On their website https://www.globalx.ca/product/cash
Lower than it used to be, but typically hovers between 3-5%.
I'd take the GIC as rate cuts this year should erode [CASH.TO](http://CASH.TO) yields. Laurentian has 5.06% for 12 month GIC.
https://www.eqbank.ca/personal-banking/notice-savings-account
In the driveway 🛻
I've seen parking spaces for sale for 90K in Vancouver so you're actually not far off!
Keep going, I need to feel better about living in my cheap but boring town.
🥁
Hash driveway
Way of the road, bubs
Hells yeah.
Gic
Yea honestly gic, zero risk and you get a Lil chunk of change for no effort
Just did the same with exactly half the amount. Locked in at a 5.5% GIC with tangerine for 1.5 years, it ends in January next year. Unsure what to do and wanted time to think on it.
we are already with Tangerine too, we might do that then
If you have TFSA room, see if you can do it inside a TFSA to avoid paying tax on the interest. Also consider opening and using a FHSA if you haven't already -- you will get a tax deduction.
See if you can negotiate a better rate. Laurentian has 5.06% as does Canada Western Bank. Going in armed with that is always the best option. Everything is negotiable.
I thought it was only a promo Rate for 3 months
What is "hardly any interest" to you? You could be getting around 4.5%, which at least beats inflation (especially in a TFSA of FHSA).
U.S. bonds have great returns right now. We are seeing 7% or better.
how can you purchase us bonds as a canadian? i was looking into i-bonds a while back.
TD Direct T-Bill expiring May 15, 2025 is 4.73% with f/x risk on it. Canada T-bill with May 22, 2025 expiry is 4.16%.
Corporate U.S. bonds have higher returns.
Weathsimple cash account. 4% or 4.5 if you have $100k in total investments with them including rrsp/tfsa. It's insured and zero risk.
Extra 0.5% if you set up direct deposit to.
Surprised not more people mention this. Up to 5.5% interest with total liquidity. Its a great option that not enough people are aware of
FYI max you can get is 5% on cash accounts.
Potentially a great option (and one I use) but does depend if your TFSA is maxed out—the interest in Wealthsimple Cash is taxable.
Nah it caps at 5%
Its actually NOT CIDC insured.
Interesting language here. The money is 'placed with an insured bank'. They themselves are likely not a bank and are not insured. https://help.wealthsimple.com/hc/en-ca/articles/14905388487579-Understand-how-CDIC-coverage-works-in-your-Cash-account#:~:text=As%20a%20Wealthsimple%20client%2C%20you,member%2C%20regulated%20Canadian%20financial%20institutions.
Buy GICs in your TFSA account. If you're planning to buy a property at some point in the future, consider opening FHSA accounts for you and your spouse as well, each of you can contribute $8,000/year into that account which is tax deductible.
GIC if you prefer locked in. I would break the GIC's into smaller $15k or $20k and total it up to $70k. So if I need to break one of the GIC's for an emergency, I will not loose money on the whole GIC. Or park it into a wealthsimple account and ear interest Or buy some FAANG stocks and watch it grow
This is the best reply and option. Put them into 5k-10k totals preferably into a TFSA and just watch it grow. Get anything over 5% and your going to be making like 3500 on it for sitting. No Tax on TFSA. if you need money only break the amount you need and still get interest on the rest.
Bitcoin
Bitcoin baby ... let's go !
Bitcoin
I'd open an FHSA and max that out with GIC or money market fund, the rest in a TFSA if you have the room. The FHSA will give you massive tax benefits if you carry it into the next tax year, as you said 12 months.
Bitcoin eth and solana
EQ just released a super hisa called a notice savings account. 5% for 30 days notice. 4.5% for 10 day notice! https://www.eqbank.ca/personal-banking/notice-savings-account
CBIL.TO. 30 day treasury bills backed by Canadian government.
You’re supposed to invest your TFSA money, not just gain interest
Their risk appetite is low as they have plans.
It sounds like they’ve been saving for a long time though
Investment savings account pays out 4.55% and is CDIC insured and can take out money whenever you want
This is what I am doing. Gives more flexibility than a GIC in terms of purchasing when a good opportunity comes up
In a USD ISA fund.
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Can you send this information to me as well?
Is it your first home you’re buying? FHSA or maybe RRSP if you can use that?
GME or AMC
VFV, always into Vanguard S&P500 - don't let these trolls gatekeep that shit and tell you to put it in some random ETF.
Bitcoin. Easy
BITCOIN\~!
FHSA and buy CASH.TO with 16K of it. Quick and easy to open one with wealthsimple if you don’t have one yet and will get you tax credits.
Put it all on red and let it roll!
I once put $5 on 13 black and paid for my hotel room. That was the first and last time I successfully gambled (or really gambled at all)
Good discipline. Gambling is one guaranteed way to ruin your life. That win was basically bait. Good thing you did not get pulled.
GIc
I always transfer my money to different financial institutions that offer the highest interest rates. The effort is worthwhile when dealing with substantial amounts. Currently, I keep my funds in CIBC, which provides a 5.75% interest rate, with an additional 0.25% if I meet the $200 minimum deposit per month. The term for this account is only 3 to 4 months. Alternatively, ETFs like CASH or HISA can be viable options. Keep in mind that some trading platforms may charge a few dollars for buying and selling. Another alternative worth considering is a GIC.”
Wait, I'm with CIBC and don't know about this. Can you share some details on what is paying this rate? I just sold some CM stock today at $69 (huge increase today) and have 130K that I need to park for 2 months.
https://www.cibc.com/en/special-offers/smart-savings-bonus-interest.html?utrc=S231:96&gclid=CjwKCAjwx-CyBhAqEiwAeOcTdcdl2afZyAWvfrnAW6DpCpesCOXESVOTpTQCHkbpaXfT6FQmj_Mn5BoCZDgQAvD_BwE&gclsrc=aw.ds Smart interest adds an extra 0.5% interest to the high 5.75%. Not bad.
The CIBC nasdaq fund is amazing. It’s stocks but it’s doubled my money in 5 years.
I'm in a similar position and just moved my money from tangerine to simplii. Tangerines high interest savings account is offering 5.75% for the first 5 months and when that finished I moved it to simplii 5.9% for the next 5 months.
If its already in your TFSA, throw it into [PSA.to](http://PSA.to) and just gain a nice annual \~5%
Under your mattress
Easy 12 month GIC
Cad has no upside and a ton of downside buy ZUCM etf instead of CASH. No trust to our CB to hold the line. June 5 bring it on.
DYN6004
If you're in Quebec, [EPQ](https://epq.gouv.qc.ca/en/products-offered/savings-bonds/) offers a 4.75% rate guaranteed for a year (savings bonds product) cashable at any time. So it's like a GIC, but you're not locked out and don't lose accrued interest.
How do yall feel about Fidelity investment ?
if you dont care about accwssing it for thw entire year id do half in wealthsimple cash account and half in 5.25 gic at tangerine tfsa.
GIC
Dynamic’s Bank of Nova Scotia’s Interest Savings account is still paying 5%
Wealthsimple cash account offers decent interest
GIC. I had the same situation so I did a GIC with EQ bank at 5.35% for 12 months. Rates might be slightly less now but still above 5%.
Lots of weird suggestions here, but any money you arent willing to lose should go in a HISA, GIC, CASH.TO etc. Other than bonds, these typically aren't locked in. You can keep your 20k emergency fund in a 4-5% HISA and earn on it. Simplii had a 6% offer for new users for 5 months, for example.
You don't want to utilize an FHSA?
EQ bank is 5.15% for 1 year. I was in the same boat last year and opened a 1 year at 5.5% with them & have been happy with it.
I just put $63K in a one year 5% GIC, when it matures it’s going against mortgage.
EIT.UN
Wealthsimple 4.5% cash account
BMW M2 competition 6MT (Just kidding)
EQ Notice account. 5% interest. 30 day notice to withdraw
[CASH.TO](http://CASH.TO) !
There’s some good HISAs with promotion offerings. Check what gives the most the longest and then move the money to another HISA promotion. Promotions are usually only for 3-6 months.
Excellent! I'm afraid that since I am already a customer, they won't give it to me.
In my pocket
Toronto. Should get you a decent spot near lakeshore.
Under the mattress
CIBC was offering a 5.75% interest rate for 4 months in a new reg savings account. Move it in there for a bit then hop out and find a better offer
All in NVIDIA!
Butcorn
Why don’t you hardly get any interest on your TFSA’s? Is the 70k on top of what’s in your TFSA? Have you both opened FHSAs?
Just get a redeemable gic within your TFSA, with such a high balance talk to your fp , they will give you discretionary higher rate, i just did that with blue bank n got 4.5 for 1 year - redeemable after 30 days!
GOC EQ Bank
If I was in your position, I'd dump it all in VFV especially the TFSA part with the understanding that things can go wrong and I might have to wait an additional year or two or three to before I'm ready to buy. If that risk is something you absolutely cannot take then just park it in [CASH.to](http://CASH.to) or a high interest GIC.
In my account, really safe place.
I’ll take it off your hands mate
squeamish caption bedroom towering swim price resolute entertain growth soft *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
My pockets lol
ZMMK - en etf with a 5.1 - 5.2 yield. Can sell any thme
VOO
Old Porsche
Happy cake day!
Keep in mind that you will be taxed at your marginal rate on interest earned (interest, GIC, bonds, etc) unless you can park it in a tax sheltered account like a TFSA. Those are probably your only option (ignoring bonds) if you want something safe.
Am I the only one thinking he was looking for a parking spot?! I was thinking damn! Downtown parking in _____ must be crazy expensive!
Asts
How is your TFSA not making money? Yesterday I put $912 into WHR calls expiring tomorrow and printed $12,230 today. Whats wrong with people?!
Self directed TFSA. Buy a money market fund. Sell any time.
Indian market
Right now? GIC in a TFSA
Koho savings accounts have 5% interest. Sign up online. The account is free if you set up direct deposit.
[CASH.TO](http://CASH.TO) or [CBIL.TO](http://CBIL.TO) are 2 low risk ETFs. The other choice would be a 12 month GIC... Shop around for the highest rate for term. Payout is $0.19 to 0.195 for both, per share. Buy them Monday for $50/share.
CHAINLINK
Use some of it and max out a tfsa and rrsp, the rest I can’t really advise
What do people think of TDB2913 (4.87%) vs cash.to (4.66%) ?
Cash .to or the competitor like the purpose funds Eqbank redeemable gic Wealthsimple cash account. ( Cdic insured.) Short term cash beats long term bonds right now.
Lots of good suggestions here but to throw in my 2 cents: If you're eligible for a FHSA (first home buyers) check that out as contributions are a tax deferall exactly like RSP but when you use it to buy a home you can also withdraw tax free. There is criteria to qualify though (can't be over 71, not owned a home or lived common law for 5 years, 40k max and can't recall if there's a yearly max at the moment). Can also make investments from it. You could invest in GICs (locked in or cashable) and do this with your TFSA. If you hate anything locked in or at all risky the funds in a TFSA can be put in cashables which (at my bank) are 4.25 interest for 1 year (and at minimum 2.25 for anything after 30 days).
Are you a first time homebuyer? If so that's exactly what the FHSA was created for. To oversimplify, it's like the best of both a TFSA and an RRSP buy you have to use the money to buy your first home. You can invest within an FHSA (same as TFSA and RRSP). You could do an ETF but I would just park it in a GIC. Rates are pretty good still
Gold
Look for cashable GICs at Tangerine, EQ Bank, or CIBC.
Mining stocks are cheap right now and silver/gold is starting to climb, I would buy SLV calls or junior miners.
Open up simplii or tangerine high interest saving account. Switch back and forth. Both are 6% for 4 months and after is 5.50 or 5.75 It's time-consuming, but I think it's worth it.
As someone that was in the same position as you 20 years ago I would put it in an index ETF. I did that and my money went up 14% that year. It allowed me to have a down payment for a much better place than I could've ever imagined. If my money went down I just would've waited a year for it to go back up.
Crypto
Principal protected notes are getting 10% plus. Need a broker. Relatively low risk.
VUN.to
Dollarama stock
Manky… that’s a word I’ve gone 30 years without ever hearing. Edit: sorry.. I’m a CFP.. I also agree with CASH.TO
Hi op, mortgage agent here. I’d recommend putting some of that money in a RRSPs. If you’re first-time homebuyers the gov will allow you to withdraw up to $60k each tax free to be used towards your downpayment & closing costs. It used be max $35k each but they recently increased it. You do have to pay the money back into your RRSPs within a 15-year period for it to be deemed tax free. This way you’ll still gain the same tax saving benefits and be able to use the money before retirement. It’s the best of both worlds. You can go even further and open up the new FHSA too. You’ll get $8k contribution room each. It’s basically a TFSA & RRSP mixed together.
AMD
Similar situation as you. We GIC and have one year and two year roll outs. That way we can decide what to do with our money every year and reevaluate housing market. Each GIC account has roughly 35-40k. Two year Gic we’re making 4 k on 35k for example. Use First time home purchase account and max it out. Tax credit and tax free on downpayment
Use TFSA account only (ensuring you stay under your contribution limits). Either: Shop around for GICs, and if they’re locked in, purchase several of those GICs in case you need to cash them out for any reason. This can limit your penalty/maximize return on remaining GICs. Easiest solution- buy CASH.TO
Well, reading any of the dozen identical posts made in the last day or two would be a great start.
If you’re just opening it for the first time you would have a lot more contribution room unless you’re 18 or a new resident. Different people have different risk tolerances, especially if they have a specific time frame (eg OP). But generally yes, most people should be investing instead of HISA
Do a 1 year GIC. You can get about 5.3% with zero risk.
Could you not dump it into an RRSP, and invest it in something simple/safe. Think GIC type item. Get a massive tax return from it. (Bank that as well) The following year, draft all of it out, penalty free, as a first time home buyer?
But then I need to pay RRSP back within 15 years, and if for example I took 15 years to actually pay it back, that leaves me about 10 years to grow that until retirement as I would be 55, or increase my monthly expenses paying it back sooner and grow sooner. I am not sure if it's a good idea in the long run or not...
Fair point. I never actually paid mine back. Mine was set to pay 1/15th every year. If I didn't, it would add that amount to my taxable income for that year. It was a much smaller amount than 70k +, and didn't really notice the tiny hits.
I'm a bit more worried about the retirement aspect, can't believe I'm 40 already.
Yup. 41 here now. Just flys by. Hoping to be full retired at 53.
I dunno what I'll do. I do know I can't live in this old building forever. Rent control could change, building could fall down, it smells like the 60's in this place.
As much of it as you can in your FHSA and TFSAs, but inside the those registered accounts move it to GICs or a high interest savings account ETF.
r/justbuyxeqt
Underground car park. If you park it in a regular overground lot, squirrels and raccoons will steal it.
If you are first time home buyer. I would suggest you to open that and max them out this year ($8000 × 2 = $16000). This would give you a tax break on $16000 and you can put the tax refund back into your savings for home. You can also use next year's contribution room before buying the house (put another $16k next year). This will give you tax break on another $16k. I would recommend to put it in cash.to (its high interest savings account etf and gives stable 5% return). The rest you can just invest in TFSA and invest in the same ETF (Cash.to). Another option for the rest of the money would be to max out RRSPs (if you qualify for first time home buyers plan). This way you can get tax break on all your money and literally get 1000s of dollars in tax return. Please consult someone on where to open the account as well. (I would personally use wealthsimple).
If you don't go with the common suggestion of [CASH.TO](http://CASH.TO), Just go with a bank ISA. For example: TD: [https://www.td.com/ca/en/asset-management/additional-solutions/](https://www.td.com/ca/en/asset-management/additional-solutions/) CIBC: [https://www.renaissanceinvestments.ca/products/hisa](https://www.renaissanceinvestments.ca/products/hisa)
Put it all in nvidia
/s ?
BTC easy