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.
As another commenter @foo pointed out, this is not a one or the other thing.
Your TFSA is like a basket. You can put lots of things in it-- savings account/liquid cash, GICs, investment accounts (equities/bonds).
Read the flowchart from Reddit and make decisions from there.
Personally I am getting more tempted by GICs, you can get over 5% in 18 month maturity now. Depending on your risk profile you might go a different way though.