Although we can’t provide you with advice as to how or where to invest your money, we can provide some information to get you started.
When you are first starting to invest, the options can be overwhelming. That said, you’re already a step ahead because you know your time horizon – one year. Your time horizon is connected to your risk tolerance – the amount of risk you’re willing or able to take. One year is considered a short-term investment. This means that while you want your money to grow, if you get poor results, you won’t have time to make back your losses.
Generally, the shorter your time horizon, the lower your risk tolerance. Consider lower-risk investments that are easy to turn into cash. These include high-interest savings accounts, GICs or government bonds. Learn more about different short-term investment options.