Personal Finance Canada

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best order to max out savings benefits? (lemmy.world)

submitted 1 year ago by [email protected] to c/[email protected]

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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.

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[–] [email protected] 3 points 1 year ago* (last edited 1 year ago) (2 children)

Do both. TFSA can contain GICs.

Here's what a TFSA can hold.

[–] [email protected] 4 points 1 year ago* (last edited 1 year ago) (1 children)

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.

[–] [email protected] 4 points 1 year ago* (last edited 1 year ago)

Here's a direct link to the flowchart.

Here's another flowchart for deciding between RRSP and TFSA.

These are both from r/PersonalFinanceCanada.

[–] [email protected] 1 points 1 year ago

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.