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#6717531 - 11/16/12 09:30 AM Re: RRSP contributions - What do you do [Re: c2k]
Risky Business Offline
Provides a Great Work Environment. he/him
Post Master Supreme


Registered: 05/17/10
Posts: 44790
That would require people to live within their means (driving shitboxes/etc)...so I'd never get elected ;\)
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#6717542 - 11/16/12 09:34 AM Re: RRSP contributions - What do you do [Re: Risky Business]
Euphoricuck Offline
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Registered: 11/05/03
Posts: 92703
Loc: Canadistan
this is an 81 honda, how DARE YOU!
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#6717751 - 11/16/12 10:38 AM Re: RRSP contributions - What do you do [Re: Risky Business]
LNXGUY Moderator Offline
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Registered: 08/06/00
Posts: 106942
Loc: Barrie, Ont,
 Originally Posted By: Risky Business
 Originally Posted By: LNXGUY
My current mortgage payments are based upon a higher rate (I think 9% or so) so I'm paying more principle down with every payment. I should be mortgage free in about 7 years. Although I should probably dump any extra $$$ on it, rather then investing..


You probably should, it's guaranteed and will return a hell of a lot more than any investment. Your contribution room will carry forward, once you are mortgage free, if it's beneficial you can start dumping into RRSP etc and defer that income.


Next beer is on me broseph, appreciate the insight \:\)
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The GN would OWN you, your children and your children's children.
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#6718221 - 11/16/12 12:50 PM Re: RRSP contributions - What do you do [Re: c2k]
SiZ Offline
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Registered: 09/15/00
Posts: 8774
Loc: Longdon, Ontario
I do 10% of my take-home, before overtime. Just to keep it simple..
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#6718690 - 11/16/12 03:14 PM Re: RRSP contributions - What do you do [Re: Choco 'Nuck]
xza8 Offline
Sr Member


Registered: 12/18/09
Posts: 1065
 Originally Posted By: Chocolate Canuck
^^ Thats interesting, I never thought of doing a spousal RRSP when we were having kids. Effectively taking money from me that would get taxed at almost 40%, putting it in my wifes RRSP, and letting her withdraw it when she was on maternity leave with reduced income.


You need a better accountant.
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#6718706 - 11/16/12 03:18 PM Re: RRSP contributions - What do you do [Re: Risky Business]
xza8 Offline
Sr Member


Registered: 12/18/09
Posts: 1065
 Originally Posted By: Risky Business
 Originally Posted By: LNXGUY
My current mortgage payments are based upon a higher rate (I think 9% or so) so I'm paying more principle down with every payment. I should be mortgage free in about 7 years. Although I should probably dump any extra $$$ on it, rather then investing..


You probably should, it's guaranteed and will return a hell of a lot more than any investment. Your contribution room will carry forward, once you are mortgage free, if it's beneficial you can start dumping into RRSP etc and defer that income.


Agreed.

Alternatively, you should get a HELOC at ~ 2.5% and use that to prepay your existing mortgage at ~ 9%. You should ask the bank how much can you prepay. It's usually 20% of the principle so if your principle was 500K... you should be able to prepay $100K this year and $100K Jan 1, 2013... so ask a bank and try to borrow 200K at 2.5% to "shift" your mortgage.
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#6733675 - 11/26/12 09:23 AM Re: RRSP contributions - What do you do [Re: xza8]
Senor Eduardo_82 Offline
miataist
Post Master Supreme


Registered: 01/09/03
Posts: 38036
Loc: Ca�ada
FWIW, I figured I'd point out that a good portion of my RSP savings and all of my DC pension plan too are matched at 50% (RSP) or 140% (DCP) by my company, which is another great reason to make use of these programs early on in life.

Compound interest at work.
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#6733690 - 11/26/12 09:31 AM Re: RRSP contributions - What do you do [Re: Senor Eduardo_82]
Choco 'Nuck Offline
Proud Member of BLM
Post Master Supreme


Registered: 07/10/01
Posts: 17568
Loc: Somewhere out there
^^Pssshh! DCPP, where is the DBPP?


</troll face> only has a DCPP as well.
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#6734301 - 11/26/12 01:31 PM Re: RRSP contributions - What do you do [Re: Choco 'Nuck]
A2B-Lexus Offline
Post Master Supreme


Registered: 04/19/01
Posts: 45550
Loc: Raptors Land
6% of my pay as my work contributes 4% of my pay. Don't have any coin for extra payment as the new house is draining my bank account like crazy.
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