My wife and I have our tfsa, rrsp and resp accounts maxed. Mortgage paid off.
We have about 200k on a non registered account. Lately we have been watching videos about the US defaulting on their debt and creating a economic collapse. For that reason we want to sell the 200k (we use questrade) that is tied to etfs and just have it as a cash or tied to a bank GIC.
Does a bank gic guarantee your principal if that gic was to fail? Or they only give you 100k that is insured by CDIC?
If not a gic what is the best way so that money is at least keeping up with inflation?
Or should I just leave this money parked somewhere.
I feel like I am going paranoid lately and am confused on what to do, looking for some opnions and guidance.