MNY
PURPOSE CASH MANAGEMENT FUND
stock TSE

Lowest risk would be leaving money in your wealthsimple cash account. Will provide 1.25%-2.25% interest depending on what account tier you have. A high interest savings account at another bank/financial institution would also work. There's also high interest savings ETFs (e.g., CASH.TO, CSAV) which will allow you to do pretty much the same thing but within a tax-advantaged account like a TFSA.
Next step up the risk ladder would be more GICs. Slightly higher return than savings account interest, guaranteed principal. Risk is in the money being locked up and not being able to pull cash when you need it.
Little bit more risk would be money market funds. This is available in managed accounts like wealthsimple's money market portfolio, or via self-directed accounts as an ETF like ZMMK, MNY, TCSH. Again, slightly better expected returns, but now a small risk of loss.
Low risk products are fine to start with. You can sit on them while you learn more about risk and decide if you are mentally/financially ready for more risk/reward.

Lowest risk would be leaving money in your wealthsimple cash account. Will provide 1.25%-2.25% interest depending on what account tier you have. A high interest savings account at another bank/financial institution would also work. There's also high interest savings ETFs (e.g., CASH.TO, CSAV) which will allow you to do pretty much the same thing but within a tax-advantaged account like a TFSA.
Next step up the risk ladder would be more GICs. Slightly higher return than savings account interest, guaranteed principal. Risk is in the money being locked up and not being able to pull cash when you need it.
Little bit more risk would be money market funds. This is available in managed accounts like wealthsimple's money market portfolio, or via self-directed accounts as an ETF like ZMMK, MNY, TCSH. Again, slightly better expected returns, but now a small risk of loss.
Low risk products are fine to start with. You can sit on them while you learn more about risk and decide if you are mentally/financially ready for more risk/reward.