All Questions
5
questions
3
votes
2
answers
344
views
Mathematics behind deciding to do a lump sum mortgage payment vs. RRSP contribution?
If I have 10,000 extra dollars, how could I decide between doing either:
A lump sum mortgage prepayment (2.1% variable closed interest rate, 250k remaining balance), or,
An RRSP contribution (...
- 16k
8
votes
1
answer
473
views
Pay off debt with RRSPs, or refinance and roll into Mortgage?
A few years of a combination of under-employment and trying to keep afloat a floundering business has left me (us) with 50k debt on a line of credit and a credit card. We are getting 5k back from ...
8
votes
2
answers
496
views
Cash out retirement account or sell and downsize the house to pay off line of credit?
I am in my mid 40's and I have an outstanding secured line of credit with a large balance that I want to clear.
I can only come up with 2 scenarios to clear this amount based on my home equity and ...
- 81
5
votes
2
answers
193
views
Under which conditions does it make sense for a Canadian investor to put their mortgage in their RRSP?
Canada allows investors to use their retirement fundings (RRSPs) as part of a loan to themselves, which can fund the buying of a house. When does it make sense to take advantage of this?
- 1,659
6
votes
2
answers
459
views
What is a good place to park a Christmas bonus? Pay down the mortgage, TFSA or RRSP?
Many companies in Canada tend to pay out bonuses around Christmas time. If one is fortunate enough to get one this year what is the best strategy for the bonus? TFSA's have a limit of $5000 yearly. ...
- 6,230