Proposal

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sniffer

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Proposal
« on: January 12, 2016, 06:02:38 PM »
i have 25000 left owing on my proposal.  i am presently paying 1000/month.  I am looking for advice whether to pay off the balance or invest  into RRSPs with $ 40,000.00.  If i invest in RRSPs iw ill receive a tax return or approxiamately 12,000.00  I want to make the right decision  on using this money wisely.

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Bank-snoopy

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Re: Proposal
« Reply #1 on: January 25, 2016, 11:12:30 AM »
do you plan on using any of the RSP for the first time buyers program?
if so then I would say go for it.... but if not I would pay down the CP first

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UnderD0g

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Re: Proposal
« Reply #2 on: April 08, 2016, 10:21:22 AM »
Dear sniffer,

Assuming your proposal is $25K interest-free and that you have $40K in hand, I'd recommend you invest in RSPs and use the $12K tax refund to pay down your CP. That would demonstrate sound ethics and you can always point this out to future lenders...

-Steve

 

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