ca416371 got the topic right. The topic is not about making a decision between investing your savings in real estate and RRSP. She already owns a house.
I've already sent your posts to my friend, who is now in China. She said she learned a lot from reading them. Me, too. We really appreciate your help.
It seems as if answering this question is really not as easy as we expected. Actually paying off your mortgage in a shorter period of time is not MUCH better than buying RRSP and vice versa, especially for those who know almost nothing about investing and financing. But if you can get ca416371's good strategy, that will be another story. Or just like 老杨, 游夫, bank, citrine, and ca416371 suggested that "should have a better balance between paying off mortgage in a more reasonable time frame while enjoy getting back some of the tax payed to the government" , which means buying RRSP in full first, then use the rest of the money and the tax refund to pay the mortgage. May I conclude that?
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作者: ca416371
countryside:
You may have some misunderstanding on what the topic is here. The topic is if we should pay-off the mortgage in a faster rate while ignoring other financial tools like using RRSP to reduce tax, or we should have a better balance between paying off mortgage in a more reasonable time frame while enjoy getting back some of the tax payed to the government.
You mentioned that 85% dealers of RRSP don't buy RRSP. May I know where is this data coming from?
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