Need short term investment advice
Hi all,
I am in need of some short term investment advice. I am self-employed and pay myself $5,000 after taxes every month. The issue I am having is I have some money saved, and I'd love to invest it, but I need flexibility in accessing the money quickly and easily.
6-month savings - $30,000
Savings for a long trip next year - $20,000 - will need to be accessed august 2027
Income tax savings to be remitted to CRA - $43,000 (will go up to $69, 000 in 2026) - will need to be accessed april 2027
HST tax savings to be remitted to CRA - $16,000 (will go up to $23,000 in 2026) - will need to be accessed april 2027
I feel I have money that tends to just sit in my account but I also don't want to gamble it away in investments (I have wealth simple) given that I will need access to the money in a relatively short time.
Is a high interest savings account my only option here? I bank with RBC, TD and Scotia. Any advice on which one has the best rate? How do I maximize value here?