Personal Finance

Where to Invest 20k

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  • Aug 21st, 2012 4:59 pm
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Deal Addict
Nov 15, 2010
1993 posts
364 upvotes
Winterpeg

Where to Invest 20k

Im thinking of investing 20k
Its for about a yr or max of 2yrs before buying my first house

I have about 8k alreAdy in TFSA
20k is just sitting in my chequing account

Could you please help
Me decide where to invest the money instead of just sitting in my chequing account.
14 replies
Deal Fanatic
User avatar
May 9, 2009
7135 posts
3739 upvotes
Montreal
Is there a question in there somewhere? Or did you mistake this for a Facebook status update?
Deal Addict
Jul 22, 2008
3854 posts
374 upvotes
My bank account ;)
I will guarantee you that your principal amount will be returned in full, hahas
Newbie
Oct 24, 2010
79 posts
4 upvotes
It would be advisable for you to deposit the money in GIC, high interest savings account TFSA.
Equities are too volatile for a 2 year time period.
Also, Canadian bonds would be relatively safe if held until maturity.
Deal Fanatic
User avatar
Jun 19, 2009
6135 posts
1981 upvotes
Scarborough
With such a short time horizon I would just buy a GIC or other fixed income security
Banned
User avatar
Dec 1, 2011
2427 posts
342 upvotes
Winnipeg
psyko514 wrote: Is there a question in there somewhere? Or did you mistake this for a Facebook status update?
:facepalm:
Can you believe it? They sent my income tax return forms back to me! In response to question # 4, "Do you have any dependants?" I replied - "2.1 million illegal immigrants, 1.1 million crack heads, 4.4 million unemployable people, 901 thousand people in over 85 prisons, and 650 idiots in Parliament.
Apparently, this was NOT an acceptable answer.

Who the hell did I miss? :razz:
Member
May 2, 2012
291 posts
260 upvotes
Ottawa
PrairieGal wrote: Max out your TFSA at 3% at Canadian Direct Financial or People's Trust.

Put the rest in a Savings account at 2%. http://www.highinterestsavings.ca/chart/
^^^ This.

GICs are paying awfully low returns these days. Those 3% TFSAs and 1.9% savings accounts guarantee you'll get your money back after that year or two and they'll earn more than a short term GIC. Don't invest in anything volatile.
Deal Expert
Feb 29, 2008
30106 posts
5547 upvotes
Montreal
caveat_emptor wrote: Im thinking of investing 20k
Its for about a yr or max of 2yrs before buying my first house

I have about 8k alreAdy in TFSA
20k is just sitting in my chequing account

Could you please help
Me decide where to invest the money instead of just sitting in my chequing account.
You should have 20000$ of tfsa room.
Deal Addict
User avatar
Dec 23, 2005
2672 posts
161 upvotes
Calgary
agree .. contribute to your TFSA to the maximum ..
Life is life | When we all feel the power | Life is life
When we all feel the pain | Life is life | It's the feeling of the people
Life is life | It is the feeling of the land. Opus :razz:
Deal Addict
Aug 28, 2010
3521 posts
1223 upvotes
Halifax
mr_raider wrote: You should have 20000$ of tfsa room.
It may be less than $20k depending on the OP's age and how long they have been residing in Canada.
Deal Fanatic
User avatar
May 9, 2009
7135 posts
3739 upvotes
Montreal
wayne74 wrote: :facepalm:
He edited his post significantly nearly 8 hours after my comment. His initial post was basically "I'm thinking of investing 10K".
Deal Addict
Sep 30, 2008
1589 posts
202 upvotes
No one mentioned RRSP? then withdraw using the First Time Home Buyers plan?
Deal Addict
Aug 1, 2008
1554 posts
83 upvotes
Ottawa
tdott wrote: No one mentioned RRSP? then withdraw using the First Time Home Buyers plan?
He didn't say he had the contribution room :)
Jr. Member
Oct 15, 2004
134 posts
52 upvotes
mississauga
if it is 200K for 1 year, put in savings accounts is still a good idea or not?

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