Is there anywhere safe to invest money for a short period of time
Its my first post to this section so please forgive me if I make any mistakes! I don't understand finance whatsoever and have not made the wisest decision - basically for years have let money sit doing nothing.
So here it goes. I have about 65k in a mutual fund account under TFSA so its tax free, I have 11k in RRSP
I have another 100k essentially sitting in chequing and savings accounts doing nothing
I will be receiving about 200k from refinancing my mortgage - I hope to buy a new property but not sure when as so many terminations have happened and I am sort of waiting for something good to come up!
My condo's montage is 186k - was paying 1063 montage and 300 maintenance fees. My mortgage will now be 1399 as I refinanced! I went through with the refinance as I thought I was going to buy a property but never ended up happening but still thought I should get the money now as I would like to buy within the next year.I have no debt, no car payments, nothing other than my mortgage payment, maintenance fee, and property tax payment
The problem is I could find a desirable place in a week or a few months. Not sure what I should do that is safe with my money while it sits in the bank. Also is going to a bank financial advisor the right thing to do? Or is there just some sort of account that I could put it in that would at least be better than checking and savings.
I appreciate any feedback and assistance. Thank-you