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GIC in a TFSA

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I have around $45,000 sitting in my tax free savings account. My bank is offering GICs in their ads which caught my attention.

Are there similar low risk/low reward things I could put my money into and let sit for a couple years?
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>>1698045
>GIC
Are you literally 90 years old dude?

holy kek
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>>1698045
FUCK GICs NO NO NO!!! low risk canadian stuff = symbol CPD - preferred share ETF that pays 4.85% dividend. what % do GICs pay? DONT GET SCAMMED! arent you locked in for a certain time period with GICs too? GICs don't even beat inflation for chrissakes. GICs are the most cuck-tier "investment" in the universe.
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>>1698061
>MFW my mom bought some GIC shit

my sides hahahahahaha

hahahahahahahahaha
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>>1698063
just sad. sorry :(
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>>1698045
In addition to what >>1698061 said, the big 5 banks also pay out 4-5%, and these dividends are basically never cut. I grabbed a ton of BMO when it was yielding over 6% and also made a killing on cap gains.
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>>1698066
i was close to helping her but i decided not to
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OP here
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>>1698074
>CPD
don't buy it dude, it's a scam for elderly people. Or maybe it was good like 50 years ago(not sure).

Just buy $VFV and sit back and make bank while Canadian economy goes to shit from retarded policymaking
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>>1698074
it's 9% / 3 years, compounded
it's not 9% / year
do the math
>>
>>1698074
also, "*Maximum return". think about it.
>>
Do I go about finding out which ETF I should invest in?
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>>1698076
>Canadian economy goes to shit from retarded policymaking

This too, OP, you might want to think about investing in American companies that have a Canadian presence and just getting "richer" as your dollar tanks.

t. Canadian living in Texas
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>>1698074
i don't wan to be 'that guy', but there's niggers in the the ad. this is an evil bank ripping off the ignorant.
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>>1698086
>Do I go about finding out which ETF I should invest in?

BUY $VFV

Buy $VFV
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>>1698045
They really need to change the name of the TFSA program so people know it can be something other than a savings account.
You can invest your TFSAS or do a market linked GIC. Current rates for regular GICs are garbage.

>>1698061
You are only locked into nonredeemable ones - 12, 36, or 60 months. You have to be careful because some don't advertise themselves as nonredeemable - I found that out when trying to make changes to an escalating rate RRSP GIC a year ago. They can also fuck you by "accidentally" rolling them over despite putting a change order on it - I called three times to ensure it would change but they didn't.
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>>1698102
>They really need to change the name of the TFSA program so people know it can be something other than a savings account.

TFSA sounds retarded desu, normies just think it's a savings account with some special properties
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>>1698086
buy CPD like i mentioned

buy canadian apartment real estate investment trust CAR.UN
when the canadian real estate market turns, more people will be renting, so it will go up along with rents

buy a DOW Jones ETF like DIA. pretty stable, plus it is in $USD, so when $CAD tanks, it will go up even more just on the currency conversion!
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>>1698105
buy vfv instead of meme cpd
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>>1698102
they really need to start educating people about all this when they are in high school.
>>
OP asked for low risk and you retards are recommending preferred shares or dividend funds when rates are near guaranteed to go up over the next few years?

Morons.
OP a market-linked GIC is best based on what you described wanting.
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>>1698109
confirmed shill OP buy CPD
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>>1698112
Sounds like OP doesn't actually know what he wants himself, so it's better to recommend more logical alternatives.
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>>1698110
I'm still mad that people not understanding that the contribution room carried forward is what dropped the limit from $10,000 back to $5,500 and that instead of explaining it and making the program easier to understand they just rolled it back.
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>>1698112
GICs still suck and they are guaranteed to suck for a long time. rates are going to climb very slowly. GICs are indefensible. Are you the CEO at a bank?
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>>1698119
>is what dropped the limit from $10,000 back to $5500

The limit dropped because Trudeau is a retard who responds to Canadians being overwhelming in debt with "let's increase taxes specifically on people saving money".
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>>1698128
DUDE
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>>1698119
-duh only super rich people could save $5500 a year since 2009
-duh my 2br bungalow is worth$1,5OO,OOO.OO
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>>1698116
Then he shouldn't be looking for investment advice on biz because these suggestions are worse than shit

OP call your bank and talk to an advisor. Or read about investments on credible websites
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>>1698134
>Then he shouldn't be looking for investment advice on biz because these suggestions are worse than shit

What? These suggestions are perfectly fine.

>OP call your bank and talk to an adviser

The adviser will just try to sell him shit he makes a commission on. Like these worthless GICs, or some other bullshit. It's hard to get good advise when someone is looking to make money off you selling his companies' products.

You REALLY sound like a bank employee now.
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>>1698045
>>1698134
banks constantly scam their customers to enrich themselves. your bank is your enemy.

just read greaterfool.ca , OP
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>>1698140
I wouldn't say it's a scam, but it's just not in your best interests generally.

It would be like going to a salesman of a certain brand and trying to get an unbiased overview of all brands and their offerings. It's not like he's committing fraud to deceive you or something, but it's just not in your best interest.

Only difference here is most people don't recognize that banks exist to make money.
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>>1698140
My bank manager is like this, but the finance guy is nice. When I went to get a mortgage preapproval he wentered on about how I qualified for a 30 year million dollar mortgage but recommended I go much lower around 250-300k so I could actually afford it.
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>>1698153
there are nice people working at banks. don't go to them to invest your savings.
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Just invest in Tangerine Balanced (Growth) portfolio. You seem too foolish atm to start getting into ETFs.
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>>1698170
I'd second this, I had these in my TFSA for a long time, they did pretty well. I only sold them when I moved to the US and had to liquidate my TFSA (I didn't have a life-changing amount of money in there, and since the IRS does not recognize them as a tax-advantaged account (they do for RRSPs) it would have complicated my tax situation without actually acting as a tax shelter).
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>>1698170
I have money in those, not doing too badly on them.
Main reason I got Tangerine in the first place was to access my Revenue Canada account, but I also have 25k socked away as an emergency fund that I usually forget I have.
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Thanks everyone for help!
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>>1698045

>GIC

Haha, holy shit, why even bother?
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>>1698074

>"Earn UP TO 9"

>Linked to index, so they limit your upside if the index returns more, and guarantee not even bank interest

Haha holy shit, who falls for this?!
Thread posts: 40
Thread images: 5


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