Looking for advice

[kyachu]

I have

8500$ in rrsp (not invested)
8000$ FHSA (not invested) planning to add another 8k in the next 4-6 months
28.5k invested in TFSA(32.5 deposited but took loses in some bad stocks)
- with this one I’m holding onto some loses being stubborn.

After adding the 8k to FHSA , i figured i would also have about another 6 k to add to RRSP or TFSa

My goal is to purchase a Home by Q1 2025. Should I sell everything and invest in CASH.TO or VFV.TO?

I make about 72k plus 3k bonus and I have a 2nd job . I am 30 years old renting a condo for 2200 but split this with my fiancé who also makes about 68k a year.

Regarding taxes and since i have a second job that probably sees me earn between both jobs 90k should I defer my taxes to later years? I don’t think I’ll want to work 2 jobs forever but maybe in 3 years my base pay regular job will pay 85/90k unless I job hop .

Any advice is appreciated

 

[jjp297]

@kyachu

My goal is to purchase a whole by Q1 2025.

I'm guessing "whole" is "home".

Since you are saving for a downpayment for 2025, the money shouldn't be invested and should be in a HISA product.

Use available croutons accounts FHSA (if eligible), TFSA and RRSP for HBP.

 

[asmodea]

@jjp297 Your auto correct has me stumped this time.

What did it change to "croutons"?

 

[jjp297]

@asmodea Jeesh, missed that one lol I'll fix that.

 

[kyachu]

@jjp297 HBP is literally the RRSP 40k right? Can this be combined with my fiances extra 40k ?

 

[elle_vee]

@kyachu 40k is the amount available through an FHSA. RRSP HBP maximum is 35k

 

[kyachu]

@jjp297 Or should I just do a HISA? I thought so read somewhere CASH.TO is fairly liquid and safe dividend of 5%

 

[jjp297]

@kyachu Yes a HISA in the available accounts and in a taxable account if you hit your contributions for those accounts.

 

[kyachu]

@jjp297 I have a weird setup, wealthsimple tfsa 29k, WS RRSP 8.5k

Questreade FHSA 8k

Wealthsimple doesn’t have HISA so I’d have to move it to a bank ?

 

[jjp297]

@kyachu

Wealthsimple doesn’t have HISA so I’d have to move it to a bank ?

It's called WS Cash.