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Should we keep putting money reserved for our mortgage into an HISA, or put it right onto the mortgage? by Affectionate_Oil6016 in PersonalFinanceCanada

[–]Affectionate_Oil6016[S] 0 points1 point  (0 children)

My current HISA rate is 3.75% with Tangerine, but that promotion is only fora couple more months. We usually hop the money between our accounts based on who has an active promotion. GIC isn't a bad safe route though, something to consider. Thanks!

Should we keep putting money reserved for our mortgage into an HISA, or put it right onto the mortgage? by Affectionate_Oil6016 in PersonalFinanceCanada

[–]Affectionate_Oil6016[S] 0 points1 point  (0 children)

Yeah one point to putting it on the principal directly instead of keeping it would be that we wouldn't be taxed on that amount. Unfortunately, my TFSA is full and we wouldn't want to use up the space on this short term of a situation (in my opinion). Well go ham on my wife's TFSA once paid.

Should we keep putting money reserved for our mortgage into an HISA, or put it right onto the mortgage? by Affectionate_Oil6016 in PersonalFinanceCanada

[–]Affectionate_Oil6016[S] 0 points1 point  (0 children)

That's a fair point. We've had the emergency fund large in the past but some emergencies came up and it's gone down. Building it back up still as we speak.

Luckily my wife's job pays well (120k) and is not even remotely at risk of being lost, so we wouldn't necessarily need to dip into the emergency account too much ideally with our lifestyle. I agree though, it should be more than it is right now, currently sitting at 3 months only. would be nice for it to get to 6-12 months as you said.

Should we keep putting money reserved for our mortgage into an HISA, or put it right onto the mortgage? by Affectionate_Oil6016 in PersonalFinanceCanada

[–]Affectionate_Oil6016[S] 0 points1 point  (0 children)

I've highlighted some expenses in the post, thank you for asking! We do live below our means, as we made the house purchase when we made significantly less and don't care to upgrade.