What to do with 25k saved?
Last year after paying off OSAP, my brother helped me open up a TD Waterhouse investment that had a RRSP, tfsa, chequinG and savings. I put 10k in an RRSP and 5k in a chequing (was told it would waive the annual fee).
I should have done research then but I didn’t, just let my $ sit there. Well this year I have saved about 25k. Not sure what to do with it since I am wanting to buy in two years. So should I put the 25k into my RRSP? I would get $ back and I could always take it out as a first time home buyer? Should I then invest it using the couch potato method recommended here. I don’t want to lose ANY $ though since I will need it soon. Does it make sense to just have it sitting in an RRSP?
Other option is to put it into a TFSA, CIBC has a 2.75% interest right now till March 2020. I haven’t contributed anything to a TFSA yet and this would give me the option to pull out and not pay back. But I wouldn’t get as much back as I would with RRSP. I can also invest in a TFSA portfolio.
So basically my question is RRSP or TFSA? And should I just let the $ sit in both these account or invest it. Thanks