Where would you park 650k

[sasha520]

We are about to list our house and when it sells we will walk away with around 650k (and no other home! but that's another story). We will want to have access to that money in the next year or 2 to buy a house.

What would you do with the money in the meantime? I was thinking a GIC, but the rates aren't that much better than my savings account at 5%.
We are going to max out our TFSAs, but what kind of instrument do we invest in?

Thanks for your help!!

[Freedomin5]

If you need the money in the next 1-2 years, I would it in your savings account or GIC. If you only need a portion of that money (i.e, if you only need a smaller downpayment), then put the downpayment portion in a relatively liquid investment vehicle, and the rest in TFSA/RRSP/taxable account.

In terms of what instrument you invest in, that depends on your IPS (investment policy statement). For us, we just invest in equity index ETFs, like VCN or VUN, so that's where we would put any extra money.