Need advice on what to do with about 150K$ (fill RRSP, put in mortgage or invest, etc.)
So I have about 150k$ sitting in my savings account right now.
Based on my situation, what would be the best way to invest this money?
Some details on my financial situation:
I have ~40k free space for my RRSP.
My salary in 2020 will be around 230k.
I’m in Quebec, so my marginal combined tax rate is about 55%.
I’m 32 years old.
I have 2 mortgages.
122k left on a 215k condo I’m renting (I’m the landlord). Interest rate of 1.95% variable.
306k left on a 500k house. Interest rate of 1.95% variable.
My current investments are:
~69k in a TSFA maximum growth account
~150k is RRSP maximum growth account
So I know I should definitely dump as much as I can in my RRSP since I don’t expect to make as much in the next few years.
I’m not too sure what the optimal way to use the extra ~110k however.
Should I simply put them in a maximum growth account? Or put as much as I can in my mortgage? Any other creative ideas?