June 21, 2018

Which Debt Should You Eliminate First!

It has always been a dilemma of whether you should use any excess cash to contribute to your RRSP or pay down your mortgage.  The current economic equation has recently tilted in favour of paying down debts vs. building up assets.  The current interest earned from GICs, term deposits and government bonds remains pathetically low.  At current deposit rates of less than 1%, it takes 72 years to double your retirement nest egg. Here is how to think about the trade off between paying down your mortgage versus saving in your RRSP.  Every dollar you don’t contribute to your investment portfolio…

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