Quote:
Originally Posted by return to the red
I've only maxed out my RRSP's once so far, reason being I would rather make sure all my outstanding debt (car loan, visa, etc. )is cleared up.
I guess it really depends on the state of life you are in. Being only 27 and having 2 fairly new vehicles '03 & '05 (one completely paid off and the other nearly paid off), Student loans paid off, and only about 50k left to pay off on my mortgage, I look at it that if I can pay all this stuff off then I have that much more to contribute to RRSP's when I'm in my late thirty's and forty's. I would also like to have as little debt as possible when it comes time to start a family
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Similar boat here, just more left on mortgage -195K.
It was my understanding that you can use your excess cash say in 2010 to put down to get money back on taxes up to 2005 (5 years). If that is the case (I did it for the first few years of work with respect to student loans).
I guess it depends what your LOC interst is, if its anything higher than prime+1 I wouldnt. I would wait for a windfall a few years down the road then do it then. Make sure CC and loans are paid off first (mortgage exception).
MYK