25k pay down mortgage or buy rrsps, then pay mortgage with return?
This year I have about 25k extra at the end of this year.
My financial situation:
-------------------------
Mortgage: 293k, 2.3% variable (I currently double pay my mortgage each month)
Income: 150k pretax (single, early 30's).. I never have any deductions to lower tax rate.
Currently I have saved about 100k in RRSP's. I must put back 20k I borrowed when I bought the house starting 2013. (I have the money in the bank to do this already)
My options are:
1. Use the 25k to pay down mortgage (leaning this way)
2. Use the 25k to buy RRSP's, get a refund and pay down mortgage with the refund
Suggestions? I can't decide what to do.
My financial situation:
-------------------------
Mortgage: 293k, 2.3% variable (I currently double pay my mortgage each month)
Income: 150k pretax (single, early 30's).. I never have any deductions to lower tax rate.
Currently I have saved about 100k in RRSP's. I must put back 20k I borrowed when I bought the house starting 2013. (I have the money in the bank to do this already)
My options are:
1. Use the 25k to pay down mortgage (leaning this way)
2. Use the 25k to buy RRSP's, get a refund and pay down mortgage with the refund
Suggestions? I can't decide what to do.