My TFSA is not maxed, I have a few investments but nothing crazy. No GICs either. Should I focus on TFSA first, then GICs? I have a large lump of cash just sitting in a chequing account doing nothing as well.
My TFSA is not maxed, I have a few investments but nothing crazy. No GICs either. Should I focus on TFSA first, then GICs? I have a large lump of cash just sitting in a chequing account doing nothing as well.
Do both. TFSA can contain GICs.
Here’s what a TFSA can hold.
This is from the other site, I will edit this comment shortly if I find a Lemmized version:
https://www.reddit.com/r/PersonalFinanceCanada/comments/5aky45/how_to_prioritize_spending_your_money_a_flowchart/
edit: couldn’t find it so I’ve DM’d the mod to ask if something like it could be added to the sidebar.
Here’s a direct link to the flowchart.
Here’s another flowchart for deciding between RRSP and TFSA.
These are both from r/PersonalFinanceCanada.
Or even better, put a HISA money market fund like $CASH or $PSA in it to get a better interest rate than GICs with more liquidity and similar risk.