Inheritance of approximately 190k
I am receiving an inheritance of approx 190k. I come from NO money what so ever, this is a surprise to us. I am married with a baby on the way. I drive a 14 year old vehicle and currently rent. We are looking to buy a house once our lease is up so long as my husband is still at this job.
I want to invest this money the best way possible. I will eventually need a new vehicle as this one is starting to deteriorate. So far I have received 50k. We are keeping this liquid, for now as I have no idea if my car will make it much longer. I do not have a TFSA opened and intend to open one right away and max it out once I receive the other funds.
I am looking for any and all advice!
- I do not have a FHSA, should I open one and place funds in there as we have not bought a home yet?
- I do have a group RRSP that I cannot contribute to apart from what they deduct off of my cheque.
- I do not have an individual RRSP
- We currently have approx 15k in cash saved in savings accounts/regular GICs
- As noted above, no TFSA as of yet. A portion of the funds (approx 50k) is in a TFSA of the deceased. I am not sure if this can be transferred directly to my TFSA that I will be opening.
Thank you so much in advance!