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Manage your Money say I have extra 5K is it better to put in GIC TFSA? OR TFSA with Mutual Fund investment? Is it the right time for doing Mutual Fund? |
Casino /thread |
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hmm I would go half and half but for 5k, I would just keep it in my savings account |
It sounds like you want safe investment. I hate GIC's because your money is locked in. You can look into a TFSA at a high interest savings account. One of my fav. Is Hubert financial (happysavings.ca) there current rate is 2%. |
Depends on a number of factors, one being, when you need to use the money. |
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Maxing out your TFSA every year should be a no brainer. Then the rest in mutual funds, high interest savings, stocks, whatever. That all corresponds to your risk tolerance. Everyone will tell you a different story, but it depends on your situation. Money going straight into RRSP's doesn't seem worth it to me, personally. Depending on your bracket, for every ~$9000 you lock away, you only delay around ~$1000 in taxes. How much more could you be making with that $8000? RRSP's should be a last resort. Unless you are absolutely terrible with saving/managing money, I think there are better investment options than RRSP's.. but that's just how I see it. |
What's you time horizon I'd buy BMO and won't touch it for years... collect dividends and sell covered calls |
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