catch 22 mortgage vs. rrsp
Post on 04-Jan-2016
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Tchavdar Elenkov, BA Econ, CFPInsurance and Financial Advisor
Catch 22Mortgage vs. RRSP
What should you do?
Pay down your mortgage – be debt free sooner
OR
Contribute to your RRSP – enjoy tax-deferred growth
Introducing the Flexible Mortgage
You really can do both
Introducing “flexible mortgage accounts”
Pay down your mortgage AND contribute to your RRSP
F L E X I B L E M O R T G A G E
How it works
Rolls your chequing account into your mortgage
Have your money pay down your mortgage
F L E X I B L E M O R T G A G E
ADD your debts to your mortgage
Next, take any other debts you may have and add them to your mortgage
F L E X I B L E M O R T G A G E
ADD any idle savings to the account
Save “more” interest by reducing your mortgage
F L E X I B L E M O R T G A G E
Accessibility to your money
What about contributing to your RRSP?
F L E X I B L E M O R T G A G E
You can now free up cash – sometimes hundreds of dollars per month
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