You seem to be conflating two separate investment categories, or this is a question too Canadian for me to understand. Tax advantaged (none are tax free that I am aware of) accounts (in the US) are typically specific to retirement savings and have withdrawn penalties if used too soon. Saving for a down payment on a living space would typically be done with a fixed income asset over a short timeframe (less than 5 years). In this case I would say high-yield savings account (HYSA). Maybe a certificate of deposit (CD) or directly held bonds or treasury notes. Again, I’m not sure what is available to a Canadian.
Generic advice for retirement savings (ideally into a tax advantaged account) is to save 15% of your earned income per year over your working career. That way, as long as you invest it wisely (don’t take too many risks) you will have enough to retire by the time you’re in your 60s. Remember though that 15% is generic and not a good fit for every situation.
EcrofLeinad t1_iydep17 wrote
Reply to How much % should I contribute to my non-taxable accounts to save for a downpayment? by badboyzpwns
You seem to be conflating two separate investment categories, or this is a question too Canadian for me to understand. Tax advantaged (none are tax free that I am aware of) accounts (in the US) are typically specific to retirement savings and have withdrawn penalties if used too soon. Saving for a down payment on a living space would typically be done with a fixed income asset over a short timeframe (less than 5 years). In this case I would say high-yield savings account (HYSA). Maybe a certificate of deposit (CD) or directly held bonds or treasury notes. Again, I’m not sure what is available to a Canadian.
Generic advice for retirement savings (ideally into a tax advantaged account) is to save 15% of your earned income per year over your working career. That way, as long as you invest it wisely (don’t take too many risks) you will have enough to retire by the time you’re in your 60s. Remember though that 15% is generic and not a good fit for every situation.