Where would you park $40k temporarily?

[hannamarin]

Cdns welcome
ILs gave us $40k for our house DP
We probably wont buy til next yr. at the earliest.
We could do low tax, high interest savings. Or, CDNs, we could do RRSP, to get the tax back and then take it out for first time home buyer purchaase. We would probably get $15-20k back if we RRSP it. But then we have to pay back....

[hannamarin]

And I am assuming we would get 40-50% tax return. We get that with our $10k investment

[ecupirate04]

Is my bank account an option?

[hannamarin]

I know we are very lucky, ecu, but unfortunately, in our area for a decent townhouse, we need to at least double but hopefuuly triple that for 20% down

[ecupirate04]

Yikes! Triple that would pay off about half of my house roughly. WOW!

[hannamarin]

But a TfSa doesnt have the tax break kickback.
Maybe $20k only. Fix my EI taxes and then have a good refund