Hi guys, I just put a deposit down on a house and they are only requiring 5% down over 8 months. House won't be ready for 14 months. I am buying the house with a very small mortgage. I've already put the deposit amount aside but trying to figure out what should be done with the bulk of the money until closing 14 months from now. I was looking at GICs but they pay so little. I realize this is because there is no risk. Any suggestions would help, Thank you
thotho
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18,205 Posts
Doesn't change anything. The best you can/should do is in HISAs and a 1 yr GIC (the latter only if you can be 100% certain the house won't be ready before the GIC matures). You can split up the money into 3 HISAs.... $100k in each of CDF, Oaken and People's Trust. You could mess around with $31500 into one TFSA to capture PT's 3% rate there and withdraw it all when needed but only you can decide if that is worth the trouble.
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18,205 Posts
Yeah but not wise to plant $300k in one place with only partial CDIC coverage.
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