What to buy in TFSA ?

To answer your first question, if you are looking at taking the money at any time, then a GIC is not for you because you are agreeing to lend the bank your money for a specific period (months or years), there are also redeemable GICs with a term of 1 year and they tend to offer Lower returns. Conservative ETFs are another option, they are lower in fees and do offer flexibility when it comes to redeeming them. It is better to talk to a financial advisor because they can look at your whole financial profile and create a portfolio for you (also pls make sure they don't put your in funds that charges you high fees). cheers!

XFR - iShares Floating Rate Index ETF

• yields 1%
• mer is 0.23%
• probably not worth it, especially if you have to pay $10 commission to buy and sell
• main advantage is that it can be sold at any time

Red line is Total Return which includes the distributions.
Black line is price only.
Bottom graph is distributions paid.
- click on image to enlarge

If you don’t have a TFSA with a bank or broker yet and would need to open a new account anyway, Alterna Bank TFSA pays 2.10% interest (and works like HISA. I.e. the money’s not locked in and can be withdrawn any time): https://www.alternabank.ca/Personal/Eve ... unts/TFSA/