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Kerri Keeler via Twitter asked:

Should I borrow to invest in RRSPs?

Is borrowing to invest in an RRSP a good idea?

In January and February prior to the Registered Retirement Savings Plan (RRSP) contribution deadline, banks often offer special interest rates to customers to help them take advantage of RRSP contribution room.

You may find as you approach the RRSP deadline that you may be short a little bit of cash to maximize your RRSP contribution room. This is one situation where you may want to consider a small loan to top up your RRSP.

While a low interest rate loan is attractive to help you lower your taxable income, you should always get advice from a qualified advisor. With the proper advice you can build to repay your RRSP loan and ensure whatever you invest this money will grow over time and help you achieve your retirement goals. This way you can get investing sooner and reduce your taxable income to reap the tax deferring benefits that come with investing in an RRSP.

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Shaun Dass
GlassdooreSSENTIAL Accessibility™Diversity and Inclusion

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