so im gonna be done paying my house in a year
did those double payement and add the 10% payement every year to
I know some people are not fan of paying house early they thing i should invest
but all the extra money flow every month will be nice
Plus mortage in canada are not like the usa meaning we cannot lock the low interest late for 30 years....
max is 5 years...

but what to do with it?
Im not a risk taker
i did froze some money for 5 year lock at 5%
love it no risk,
and getting 1/4 of my money in interest that sounds good to me

but when the interest will go down,, i wont get that kind of return
i was thinking sp 500,, or something like that,,, seem like low risk to me
but im from canada and we have to pay more taxe if we dont invest in canada?
anyone in canada can talk about this more

any index funds from canada that are similar to sp 500 i could research on?

or just any other tips?
or other way to do some nice interest without risk?
remember i dont like risk,,, so dont says crypto


also ive see some people bragging they get 5% on a high interest account
make me feel stupid to froze the money to get the same thing someone else get without freezing it?
but i guess its lock at the 5% rate for 5 year so that my advantage?

Not sure about retirement vehicles in Canada, but in general you would now want to max out your tax advantaged accounts and invest in index funds like VOO, VTSAX, SPY, etc.

Something that's low fee index so that the long term risk is miniscule.



What you will get for parking your money is dependent on the interet rate when you do it. Right now you can get a high yield savings account (HYSA) at 4.5-5% because that's around the current federal funds rate. If that rate goes down then the yield will go down. You will generally get a slight premium for locking up your money over a HYSA, since its less liquid, but not much.

This post was edited by Thor123422 on Jan 15 2024 01:47pm

we got 2 thing that i know of

the first one is tsfa (taxe free saving account )
you put money that you allready got taxe on,,, but all the interest you do is not taxable
Your only allowed to put 7 k a year now (So now i got like 95 k i can add for other year i never did it)


other option is rrsp
That one is with money that is not taxe yet
you are allowed to put 10% of your before taxe income (and you can use other year you never use)
And let says you put 20 k in it,,,, and you make 200k your only gonna get taxe on 180k
but when you take it out you get taxe like an income
so you use that when you dont do lot of money,,,, retirement or year off to go fishing


those are the 2 i know

ill max that first one first,, then ill go for the second one

This post was edited by Ever3 on Jan 15 2024 01:58pm

You should not be putting your TFSA contributions in things that earn interest income, like GIC's. Consider ETFS like VUN, VOO or equivalent / things along that line. Its the capital gains that wont be taxed in the future.

Your above example of a RRSP is not how its calculated. The RRSP contribution limit for the year is based on 18% of your previous years earned income reported on your tax return up to a annual maximum amount which for 2023 is $30,780. You will have earned significant contribution room in previous years if you were employed. This room carries forward meaning you may have a significant amount of contribution room available.

Best way to check your RRSP room is to create a My CRA Account if you don't have one. CRA lists your available carry forward balance there each year. Again consider using the money in here to invest in ETFS that mimic a total market or index.

If you have a child you should also be contributing to RESP's. Its free money from the Gov't of Canada, dollar for dollar up to a certain designated limit for their future post secondary costs.

This is all assuming you don't have any immediate high interest debts you could clear off like credit card debt, which presumably you do not given you just finished paying down your home.

Your TFSA is subject to US withholding tax, so dividends earned on US securities in there will lose 15% to withholding tax. For RRSP accounts due to tax treaties they are treated as a trust account and there is no withholding taxes on USA earned income (dividends interest , etc).

Yes Canada has many ETFS that hold US securities, you can often find the same ETF with a currency hedge or no currency hedge. Vangaurd, Ishares, BMO, the list goes on.

This post was edited by SBD on Jan 15 2024 02:20pm

are these etfs from canada ?
i mean im asking for tips so thanks you but why no gics
IM stupid when it come to finance cause everyone i know hate me if i says all the car we have are paid for
so i cannot ask real life tips from freind and family

so rresp is 18% ??? and i can use all the last 15 year i work that i never use?

and the resp i thing we have 2 of those but im always what if they dont go to school?
you loose all your interest ?
and in the resp are you allowed to invest the money or gic it
cause the 2 we got the money seem to just be there doing nothing?

Yes, RRSP room accumulates and yes its based of 18% of previous years earned income on your tax return up to a maximum amount per year. I strongly suggest setting up and logging into your My CRA Account. Every single Canadian who can use a computer should have one and actively use it.

Yes many of those listed ETFS can be bought on a Canadian exchange. Vun for example, there's literally 100s of them that mimic major index's. Go brows Vangaurd or BMO or Ishares.

Historically the S&P 500 or total US stock market has yielded an average annualized return of 8%+ so if you have no immediate need for money and have a mid level risk tolerance why would you invest in GIC's. You're chopping your potential return down significantly overtime. Yes you assume more risk.

If your child does not go to school you can transfer the RESP to another child, transfer the RESP to a RRSP (if you have RRSP room), or you can close and withdraw the money in which case you return any money the Gov't gave you, pay tax on the money your investment has earned and you're done with it, there's some extra tax here as well but I wont delve too deep into things.

Yes you can do a self directed RESP investment account where you choose what you invest in. Just get one set up through your bank. You can do this with a RRSP, TFSA, RESP and now FHSA (you are not eligible for FHSA since you already have a home)


This post was edited by SBD on Jan 15 2024 02:35pm

5% interests on a no limit inflationnist money is not a way to make money, you barely counter the inflation

you don't like risks yet you stay full in depreciated cash lmao

depending your country's laws you should have a look at gold/silver

This post was edited by Melatonina on Jan 15 2024 10:32pm

Depends on age and goals

Im dumping left over money into veqt for the long haul