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best order to max out savings benefits? (self.personalfinancecanada)

submitted 1 year ago by cyberpunk007 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] 0 points 1 year ago

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.